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A System Is How the Pieces Fit

In: The New International Money Game

Author

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  • Robert Z. Aliber

    (University of Chicago)

Abstract

The years since the early 1970s have been the most tumultuous in monetary history. The world price level in 2008 was more than five times higher than in 1970; never before have price levels increased so rapidly in so many countries. The US dollar price of gold at the end of 2008 was more than 25 times higher than the US$35 parity in 1970 — and this price had been 25 percent higher in the summer of 2008 than at the end of the year. A barrel of oil nearly reached $150 in June 2008, more than 50 times higher than at the end of 1970; the oil price had quintupled between 2003 and 2008 and then declined to below $50 toward the end of the year.

Suggested Citation

  • Robert Z. Aliber, 2011. "A System Is How the Pieces Fit," Palgrave Macmillan Books, in: The New International Money Game, edition 0, chapter 1, pages 8-16, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-24672-0_2
    DOI: 10.1057/9780230246720_2
    as

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