Ronald I. McKinnon Livres

The Rules of the Game brings together essays written over the course of thirty years by a major figure in the field. McKinnon analyzes and compares a wide variety of important international monetary regimes: the establishment of the gold standard in the nineteenth century, Bretton Woods, the dollar standard, floating exchange rates, the European Monetary System, and current proposals for reforming world monetary arrangements. The essays are unique in that they specify precisely the rules of the game for each international monetary regime - past, present, and future. For ease of reference, the book offers boxed summaries of each set of rules and then discusses their advantages and disadvantages, from the gold standard down to the author's proposal for a common monetary standard for the twenty-first century.

Presents a theory of economic development very different from the stages of growth hypothesis or strategies emphasizing foreign aid, trade, or regional association. Leaving these aside, the author suggests a bootstrap approach in which successful development would depend largely on policy choices made by national authorities in the developing countries themselves.