Originally published in 1987, The Flight of International Capital provides a fascinating comprehensive analysis of the history of international money movements. Taking 1931 as the turning point between old-style and modern methods of conducting monetary affairs, the book relates currency shifts and investment trends to political events. He deals with five eras in the history of international capital; the unsettled post-crash period 1931-1936; the flight of capital to the US before World War II; the dollar and Swiss Franc’s time as the only ‘hard monies’ till the late fifties; the emergence of the mark-dollar axis before 1971; and finally, the behaviour of floating currencies.
Table of Contents
1. Years of Hegemony for the Paris-New York Rate
2. Capital Flight in the Approach to War
3. Solitary Freedom for the Swiss Franc
4. Towards the Floating Mark-Dollar Axis
5. Early Experience of Floating
6. The Rise and Fall of Refuge Currencies