The World Monetary System: A Pattern for the Future
Publication
The Empire Club of Canada Addresses (Toronto, Canada), 16 Dec 1971, p. 124-137
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The World Monetary System: A Pattern for the Future


A review of the underlying reasons for the deterioration in monetary conditions in recent years. Observations on the resulting strain put upon world economic ties in general, and especially between Canada and the U.S. Proposals for additional ways of restoring a more flexible monetary system. The devaluation of the U.S. dollar. The effects of U.S. economy on the rest of the world, especially following World War II. Difficulties for Canada and for Canada-U.S. relations because of America's new economic policies. Concern over Canada's diminished trade balance. Monetary reform. World currencies. The price of gold. Interest rates. Speculations on the immediate future. Concerns regarding protectionism which may threaten international trade; and concern over the rise of anti-foreign nationalism. Long-term goals: free flow of trade and investment; monetary stability; worldwide economic growth; a better life for all people.