In This Review

Alternatives to Monetary Disorder

Alternatives to Monetary Disorder
By Fred Hirsch, Michael W. Doyle and Edward L. Morse
153 pp, McGraw-Hill (for the Council on Foreign Relations/1980s Project), 1977

These two essays examine the political conditions for the creation of a new monetary order for the 1980s. Hirsch and Doyle investigate the roots of the current politicization of international economic relations, and prescribe a three-tiered international monetary system managed by an inner core of rich industrial nations but responsive to the economic and political desires of the lesser tier. Edward Morse examines four alternative monetary regimes based on different configurations and, like Hirsch and Doyle, argues for a tiered system centered around five or six Western states. The emphasis on the political dimension makes this a useful contribution to the discussion of monetary reform.