Australian Left Review


David Evans


Already the euphoria of the December settlement is wearing off. Nixon was quite happy to replace the import surcharge and "buy American" tax incentives with a revaluation and currency realignment with almost the same effects. He also got in a new protectionist measure for the American textile industry before the smoke was clear. The only real concession was a rise in the dollar price of gold, but it remains to be seen whether or not this will mean much since the dollar remains inconvertible into gold.



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