The Monetary Approach to the Balance of Payments (Collected Works of Harry Johnson)

This book collects together the basic documents of an approach to the theory of the balance of payments and balance of payments policy developed in the 1970s. The approach marked a return to the historical traditions of international monetary theory after some thirty years of departure from them a departure occasioned by the international collapse of the 1930s, the Keynesian Revolution and a long period of war and post-war reconstruction in which the international monetary system was fragmented by exchange controls, currency inconvertibility and controls over international trade and capital movements.