The Theory of International Trade in the Absence of an International Standard

The purpose of the following notes is to discuss the maintenance of international equilibrium when the currencies of the countries concerned are independent and exchange rates are free to vary. I shall find it convenient to make comparisons on certain points with the working of an international gold standard system. So far the discussion will be relevant to the question of the relative merits of the gold standard and a system of free currencies. But I wish it to be understood at the outset that it is not my present purpose to deal with this question as a whole

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