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.
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