M.Com. (Economics) / The objective of the thesis was to examine the creation of a generally acceptable international unit of account as a precondition for the establishment of a more orderly international monetary system. The payments problem over the national boundary has for centuries baffled the brains and wits of the world's foremost economists, bankers and politicians. The high level of abstraction of the international monetary phenomenon, and the dynamics and geo-politics involved, tend to conceal the essence of the variables at work. The evolution of the international monetary system would thus seem to have trailed the evolution of the national monetary systems by almost two centuries. As recently as the twenties of this century the essence of the international monetary system was still sought in gold, a commodity that could never accommodate the growing payments needs of the world economy, especially at times when events such as wars and technological innovation acted as powerful catalysts expediting the course of events between nations. The use of the key currencies, especially the British pound sterling and the US-dollar, as instruments for international payment could not work for any length of time ...
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:uj/uj:13285 |
| Date | 11 February 2015 |
| Source Sets | South African National ETD Portal |
| Detected Language | English |
| Type | Thesis |
| Rights | University of Johannesburg |
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