Geld in der internationalen Wirtschaft

[Title Page and Publication Information]: Title page and publication details for Gottfried Haberler's study on international liquidity and exchange rates, published by the Hamburg World Economic Archive in 1965. [Institutional Foreword and Preface]: A description of the Hamburg World Economic Archive's mission and research focus, followed by an introduction to the author, Professor Gottfried Haberler, and the translator of the work. [Table of Contents]: Detailed table of contents outlining the structure of the book, covering the international money mechanism, balance of payments, causes of imbalance, and liquidity. [The Function of the International Money Mechanism]: Haberler discusses the role of money in the economy, citing John Stuart Mill to argue that money's influence is most profound when it is in 'disorder' (inflation or deflation). He explores the necessity of a functioning money mechanism for the international division of labor, citing the post-WWII German recovery as a prime example of restoring monetary function. He also critiques regional integration (EEC, EFTA) in favor of non-discriminatory global trade liberalization. [The International Balance of Payments]: This section defines the balance of payments and distinguishes between accounting equality and economic equilibrium. Haberler introduces the critical distinction between autonomous and induced (compensatory) transactions, explaining how gold movements and short-term capital flows function as measures of imbalance. It includes detailed statistical tables for the US and West German balances of payments for 1963-1964. [Reasons for Imbalance]: Haberler analyzes the causes of balance of payments deficits, categorizing them into monetary (inflation/deflation) and non-monetary (demand shifts, growth rates) factors. He argues that while non-monetary shifts occur, long-term difficulties in industrial nations are usually monetary. He critiques the 'structuralist' school of inflation in Latin America, favoring a 'monetarist' view that emphasizes fiscal discipline. He concludes that growth rates themselves do not cause deficits; rather, it is how growth is financed and whether wage increases exceed productivity gains. [Balance of Payments Policy]: Haberler compares 'market-conforming' adjustment methods (fixed vs. flexible rates) with 'non-market-conforming' interventions (tariffs, controls). He argues that flexible exchange rates are superior because they allow for relative price adjustments without requiring painful domestic deflation or unemployment in the face of rigid wages. He critiques the 'step flexibility' of Bretton Woods for inviting destabilizing speculation and discusses the role of the Dollar and Sterling as reserve currencies. He suggests practical compromises like widening 'gold points' to allow limited flexibility. [International Liquidity]: Haberler examines the debate over international liquidity, specifically the 'Triffin Dilemma' regarding the instability of the gold-exchange standard. He argues that fears of a liquidity shortage are often exaggerated and that the Great Depression was caused more by internal deflation in major powers than by a lack of gold. He warns that making liquidity too easily available through international schemes might reduce the pressure on governments to maintain financial discipline. He concludes that existing central bank cooperation is sufficient for handling acute crises. [Summary and Conclusion]: Haberler summarizes his findings, stating that a global liquidity shortage is not imminent. He defends the IMF's performance and argues against radical 'democratization' of the institution. He suggests that the problems of developing countries stem from their own protectionist policies rather than the international monetary system. He advocates for improving the adjustment mechanism over creating new liquidity schemes. [Afterword: De Gaulle and the Gold Standard]: A postscript reacting to Charles de Gaulle's 1965 proposal to return to the gold standard. Haberler argues that a return to gold would require a drastic increase in the gold price and would be more difficult to manage than the current system of international cooperation. [Bibliography]: A comprehensive list of academic references cited in the study, including works by Friedman, Lutz, Machlup, Meade, and Viner. [About the Author]: A biographical sketch of Gottfried Haberler, detailing his education in Vienna, his academic career at Harvard, and his leadership roles in international economic organizations.