Reforming The World Monetary System

The Bellagio Group was a group of economists who met between 1964 and 1977 to make recommendations for policymakers on how to reform the world monetary system. The Group was initiated by Fritz Machlup and included William Fellner and Robert Triffin. The Group made a number of recommendations for reform of the world monetary system, including the idea of a gold standard, which was at the time under pressure from external shocks and the need to combat recessionary trends. The Bellagio Group's archives are now available for study, and its work will be essential for understanding the complexities of today's global financial relations.

Focusing on Fritz Machlup, Connell presents the story of the Bellagio Group and its contribution to modern finance. Initiated by Machlup the Bellagio Group was made up of thirty-two non-government academic economists. During the years between 1964 and 1977 the Group met eighteen times and made a series of recommendations for policymakers. At a time when monetary systems are under increasing pressure from external shocks and the need to combat recessionary trends, it is vital that we understand previous attempts to deal with such problems. Focusing on the career of Fritz Machlup, Connell presents the story of the Bellagio Group and its contribution to modern finance. Initiated by Machlup with William Fellner and Robert Triffin, the Bellagio Group was made up of thirty-two non-government academic economists. During the years between 1964 and 1977 the Group met eighteen times and made a series of recommendations for policymakers. Connell examines the Group's archives to find out what caused the need for a change in the gold standard, what macroeconomic effects the Bellagio Group's policies were expected to have and the extent of their influence on modern-day systems. Review: 'The author writes with exemplary clarity in a superb analytical framework.' Herbert Grubel, EH.net 'Connell has given us a fascinating, comprehensive and original account of the contributions of three giants of our field. Her meticulous and engaging reconstruction of the debates that surrounded the formation of modern international monetary arrangements will be indispensable not only to economic historians but to anyone who recognizes the importance of intellectual history to understanding the complexities of today's global financial relations.' Gary Mongiovi, St John's University