Word: systemization
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Dates: during 1960-1969
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...Common Market-the refusal to devalue was, perhaps, not of equal importance but certainly even more surprising. It was also perhaps his greatest gamble. At stake was not only the pride and economic power of France but also the stability of the free world's monetary system, on whose smooth, uninterrupted functioning depends the economic health of nations...
French and German intransigence sent Europe's monetary system reeling toward the brink of crisis. On the day that Schiller, chairman of the Group of Ten, summoned the world's leading central bankers and finance ministers to an emergency meeting in Bonn, demand for gold in London hit the highest level since March. In New York, sterling hit rock bottom at $2.38. In Swiss money markets, it slipped even lower. The dollar, by comparison, weathered the crisis fairly well, reflecting general confidence that the U.S. was finally doing something convincing about its balance of payments problem...
...pompously observed last week in comparing the Federal Republic to France and Britain: "If we went on strikes and took breaks as often as the others, we too would have to go out and borrow, the only question being: From whom? If we had so suicidal a trade union system as the British, our mark would be just as tuberculous as the pound. If we had as many unsolved social problems as the French, then we would have as much unrest and -as in May in Paris-a ruinous rebellion...
...European money crisis only dramatized what many experts have long regarded as an unassailable dictum: the free world's monetary system is overdue for an overhaul. That system-the internationally agreed basis for exchanging one currency for another-was born 24 years ago in the resort town of Bretton Woods, N.H. Imbued with a sense of wartime unity and mindful that competitive currency devaluations had deepened and prolonged the Depression of the '30s, the delegates from 45 nations took only three weeks to devise the fundamentals...
Though the fact is little understood outside the field of banking and professional economics, the peoples of the Western world owe their rising living standard in large part to the monetary system that now shows increasing signs of fragility. There are at least two separate, but related, troubles. The volume of world trade is rising far more quickly than the global supply of gold. To overcome that gap, the IMF last year devised a sort of "paper gold"-a new international money called "special drawing rights." Use of the SDKs, as they are called, awaits ratification by nations that contribute...