The Wrecker's Lamp: Do Currency Markets Leave Us on the Rocks

action activity adjustment allow appeared argued attempt bank base became become began believed Bretton Woods Britain British capital caused cent central bank Chancellor commitment consequences Conservative continued controls countries created crisis currency markets demand devaluation discipline dollar early economic policy effectively efficient ERM membership European exchange market exchange rate exchange-rate external fact failure fixed floating followed force foreign exchanges foreign-exchange market free market freedom funds futures Gold Standard Government Government's huge important increase industry inflation interest interest rates Labour later limit London look maintain mark measures mechanism merely Minister monetary moved period position possible pound Prime problems proposed raised reduced regard regulator represent result role rule seen September signals single speculators stability sterling strategy success suggest thinking tool trade transactions unemployment