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Friedman’s Case for Flexible Exchange Rates

In: Ideology and the International Economy

Author

Listed:
  • Robert Leeson

    (Murdoch University)

Abstract

Friedman advanced floating exchange rates as the only reliable method of facilitating free trade, about which ‘there has been virtual unanimity among economists’. In this way ‘international cartels would disappear’ and the US ‘could come close to eliminating any danger of significant internal monopolies’ (Friedman and Friedman 1980, 60–1, 76–7). Friedman (1953, 158, 164–5, 167, 171, 187, 197) took ‘unrestricted multilateral trade’ as an axiomatic objective: ‘the fundamental requirement is that governments not use restrictions on trade of any kind to protect exchange rates’. The ‘absence of flexible exchange rates is almost certain to be incompatible with unrestricted multilateral trade’.

Suggested Citation

  • Robert Leeson, 2003. "Friedman’s Case for Flexible Exchange Rates," Palgrave Macmillan Books, in: Ideology and the International Economy, chapter 4, pages 25-28, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28602-3_4
    DOI: 10.1057/9780230286023_4
    as

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