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The Bellagio Group was founded by Fritz Machlup, William Fellner and Robert Triffin at a time of global economic crisis not unlike the one we face today. With its original network of thirty-two economists, it was the forerunner of the current Group of Thirty. The Bellagio Group comprised academics, policy makers, bankers and corporate leaders, who worked together with the aim of economic reform. Machlup, Fellner and Triffin led the Group in their attempts to identify the connecting principles between geopolitical, currency, business and social issues facing economies in the aftermath of the Second World War. Between 1964 and 1977 the Bellagio Group were instrumental in bringing together academics with leaders from the public and private sectors in a series of influential conferences. These meetings involved the most important economists in the world and focused on banking practices, as well as mechanisms to increase economic growth. This collection brings together the private correspondence and published papers of the Bellagio Groups founders to create a vivid picture of the personalities, issues, debates and compromises that led to the adoption of flexible exchange rates and a modified Triffin plan. The first three volumes are each devoted to the letters and unpublished papers of Machlup, Triffin and Fellner. The final two volumes focus on the conferences and publications of the Bellagio Group founders from 19631977.
Contains over 300 rare texts, the majority of which are previously unpublished Source archives include Yale University, The Hoover Institution, Stanford University and the Banca Nazionale del Lavoro Editorial apparatus includes a substantial general introduction, volume introductions, headnotes and endnotes A consolidated index appears in the final volume
Editors
Carol M Connell is at the School of Business, Brooklyn College, CUNY Joseph Salerno is at is at PACE University and the Ludwig von Mises Institute
PUBLISHERS
Selected Contents
Volume 1: Fritz Machlup
The Gold Standard, the Transfer Problem and Europe after WWI, 19301940: The Critics of the Goldstandard; Gold as a Factor in International Peace (1930s); Dollars without Cents (1930s); The Theory of Interest (1930s); What Are the Right Foreign Exchange Rates? (1930s); The Transfer Discussion in the Light of Recent Experience (1935); Austria as the Pawn of Europe (1936); The Stock Exchange as a Gauge of Credit Policy and a Regulator of Investment (1937); The Influence of Security Market Regulation upon Fluctuations of Investment, American Economic Association; Our Buried Gold, KGO Radio talk (1940) Restoring American Prosperity After WWII and the Theory of Foreign Exchange, 19451948: Financing American Prosperity, Paul T Homan and Fritz Machlup (1945); The Effects of Government Spending upon Employment (1945); Whats Best for the Competitive Enterprise System?, panel participation (1948) Balance of Payments, International Trade and Economic Development, 19491956: Three Concepts of the Balance of Payments, International Monetary Fund Seminar, Washington, D.C. (1949); The Elasticity Argument for Foreign Exchange Restrictions, remarks, International Trade Meeting (1949); Equilibrium in International Trade, series of five speeches (1951);. The Finance of Development in Poor Countries: Foreign Capital and Domestic Inflation, Economic Studies Quarterly (1956); Comment on E M Bernsteins Strategic Factors in Balance of Payments Adjustments, Conference on International Economics, Universities-National Bureau Committee for Economic Research (1956) Reform of the International Monetary System, 19621969: Proposals for Reform of the International Monetary System, prepared for the United States Congress, Joint Economic Committee, Subcommittee on International Exchange and Payments (1962); The Reasons for Divergent Prescriptions for the International Monetary System (1964); Discussion of Various Plans Inclusive of Those of Bernstein, Maudling, Posthuma and Triffin (1964); The Fascination of Gold: Comment on the Article Gold by Zay Jeffries, Proceedings of the American Philosophical Society (1965); Creating International Money (1966); The Efficiency of Partial Devaluations of the Dollar (1967); International Monetary Reform: Present Positions and the Chances for Agreement (1967); Statement re The 1968 Economic Report of the President, United States Congress, Joint Economic Committee, (1968); Notes on flexible exchange rates, Claremont, California (1969); The Forward-Exchange Market: Misunderstanding between Practitioners and Economists (1969) From SDRs to Managed Floating, 1970 1981: World Inflation, Conference paper, Paris (1971); The Expanded Role of SDRs and the Possibilities of an SDR Standard, Speech, Geneva (1972); The Dollar Fix, the Dollar Flex, and the Gold Boom (1973); Recent Experiences with Floating Currencies, Panel presentation, Paris (1974); Monetary Reform Is Back at Square One, New York Times (1975); Statement on the IMF Gold Agreement, United States Congress, Joint Economic Committee, Subcommittee on International Economics (1975); Discussion of Worries and Priorities and The Present International Monetary System, Claremont International Monetary Conference (1978); Commentary: The Outlook for the Dollar and Other International Assets, Discussion of the papers by Edward M Bernstein and Michele Fratiani, Conference on the International Monetary System under Stress (1980); The World Monetary Order, Speech, State Bank of Pakistan (1981)
Statement on International Monetary Policies, Jurg Niehans (1964); Triffin Survey: Rank in Order of Preference (Solutions to Monetary Reform); Triffin Poll on Adjustment Mechanism; Agreement and Disagreement in the Economists Prescriptions for the International Monetary System: An Inquiry by a Study Group of Nongovernmental Economists: First Progress Report (1964); Press release by Triffin and Oakshott (1964) The Assumptions Underlying Different International Monetary Proposals: The Gold Standard, Essentials of the Proposed System; Flexible Exchange Rates, Essentials of the Proposed System; Centralization of Monetary Reserves, Essentials of the Proposed System; The Multiple Reserve Currency System, Essentials of the Proposed System; A Synthetic Composite-Currency Plan (Bernstein Plan); Letter of Fellner to Machlup re the Conference on Monetary Reform, 16 March 1964; Third Conference on International Monetary Reform Press Release with outcomes; Proposals for International Monetary Reform; Third Conference on International Monetary Reform, Report; Machlups letter to member of the Group of 32 Economists re statements to be included in final report; Letter of Machlup to study group re revised statements on four alternative international monetary systems, May 1, 1964; Machlups Letter to members of the Group of 32 Economists with details on International Monetary Arrangements, June 15, 1964; Final Report on the Study of International Monetary Arrangements ... Sponsored by Princeton University with the Support of Grants from the Ford Foundation and the Rockefeller Foundation Joint Meetings of Academics and Officials 19641977: Correspondence between Machlup, Fellner, Otmar Emminger, Shepard Stone, Joseph Slater, Gottfried Haberler, Tibor Scitovsky, James Meade and Emile von Lennep. Documentation on conferences held at Torremolinos (1969), Taormina (1971), Cascais (1972), Vienna (1973), Princeton (1973), Versailles (1974), Basel (1975) and (1977) Burgenstock Conferences, 196870: Correspondence, list of participants, press releases and papers.
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