Quest for World Monetary Order

In This Review

Quest for World Monetary Order

By Milton Gilbert
Wiley (a Twentieth-Century Fund Study), 1980
255 pp.
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An American economist who was Economic Adviser to the Bank for International Settlements from 1960 to 1975, Milton Gilbert was long known for his insistence that an increase in the official price of gold was essential to bring about the repair of the international monetary system. This posthumous volume sets out his argument quite systematically and enlivens it with an insider's account of important events, some of them going back to Gilbert's earlier work at the Organization for European Economic Cooperation (OEEC). Individual chapters deal with sterling, the French franc and the Deutschemark, but the main focus is on the dollar and the American policies Gilbert was unable to change. An essential piece of testimony to the times.