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Three Days at Camp David - How a Secret Meeting in 1971 Transformed the Global Economy (Paperback)
Loot Price: R521
Discovery Miles 5 210
You Save: R114
(18%)
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Three Days at Camp David - How a Secret Meeting in 1971 Transformed the Global Economy (Paperback)
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List price R635
Loot Price R521
Discovery Miles 5 210
You Save R114 (18%)
Expected to ship within 9 - 15 working days
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The former dean of the Yale School of Management and Undersecretary
of Commerce in the Clinton administration chronicles the 1971
August meeting at Camp David, where President Nixon unilaterally
ended the last vestiges of the gold standard - breaking the link
between gold and the dollar - transforming the entire global
monetary system. Over the course of three days - from August 13 to
15, 1971 - at a secret meeting at Camp David, President Richard
Nixon and his brain trust changed the course of history. Before
that weekend, all national currencies were valued to the U.S.
dollar, which was convertible to gold at a fixed rate. That system,
established by the Bretton Woods Agreement at the end of World War
II, was the foundation of the international monetary system that
helped fuel the greatest expansion of middle-class prosperity the
world has ever seen. In making his decision, Nixon shocked world
leaders, bankers, investors, traders and everyone involved in
global finance. Jeffrey E. Garten argues that many of the roots of
America's dramatic retrenchment in world affairs began with that
momentous event that was an admission that America could no longer
afford to uphold the global monetary system. It opened the way for
massive market instability and speculation that has plagued the
world economy ever since, but at the same time it made possible the
gigantic expansion of trade and investment across borders which
created our modern era of once unimaginable progress. Based on
extensive historical research and interviews with several
participants at Camp David, and informed by Garten's own insights
from positions in four presidential administrations and on Wall
Street, Three Days at Camp David chronicles this critical turning
point, analyzes its impact on the American economy and world
markets, and explores its ramifications now and for the future.
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