Kryzys dolara i międzynarodowego systemu płatniczego w kapitalizmie
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Date
1968
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Wydział Prawa i Administracji UAM
Title alternative
Dollar Crisis and Capitalistic International System of Payments
Abstract
The purpose of this work is an analysis of the actual dollar crisis and the
evaluation of the perturbing influence of this situation on the international paying
system in capitalistic countries. Under consideration is the problem of the balance
of payments of the USA and the action of the dollar as a key currency, fulfilling
the function of the substitute for the world money. Two pheonomena give rise to
this functioning: the decrease — due to natural reasons — of the importance of
gold, and the increase — due to industrial development all over the world — in
international turnover. Paradoxal in this situation is the fact that the dollar becomes
the key currency, owing to the deficit of the American balance of payments,
because the dollar — as indebtedness of the American bank system — becomes
reserve money of world's money banks and an (instrument to counterbalance the
deficits of the balances of payments, and even an international unit of account.
Money which is subject to the sovereignty of one country becomes international
money.
Its function as key money burdens the dollar, but at the same time it presents
excellent business for the United States of America, as it permits financing political
imperialism (foreing military expenses) and economic imperialism (creation
of foreign American capital owing to foreign investments), and this means for
them a source of profits and economic influences in the world.
Three barriers of foreign dollar expansion are considered: 1) technical (the
exchange for gold and other hard money), 2) economical (export surplus of trade
balance), and 3) psychological (confidence in the stabilisation of exchanges). Three
variants of solving the question of the dollar crisis and counteracting the international
disturbances in the system of payments are considered: a) the pragmatic
method — bristling with difficulties, b) demonetising of gold in the field of
foreign dollar liabilities, which is recommended by certain influential American
political circles, c) universal rise in the prices of gold, recommended by some
French official circles. A grave danger for the international system of payments
is the possible compulsory devaluation of dollar.
In the solution of the dollar crisis caused by its excessive foreign expansion,
inflationary (excessive creation of foreign dollar) and deflationary (basing the
international system of payments only on gold) tendencies are in conflict,
both being dangerous for the normal functioning of the international system
of payments. Some opinions of political and economical circles of western countries
recommend the creation of a money union as the first step to hinder the
supremacy of dollar and to cancel gold deficit.
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Citation
Ruch Prawniczy, Ekonomiczny i Socjologiczny 30, 1968, z. 3, s. 345-369