An International Economy

Abstract

Abstract This chapter addresses the issue of Britain's participation (and degree of participation) in, the European Monetary System (EMS). It does not attempt any direct conclusion to that issue. Instead, it constructs a theoretical model which may have a bearing upon it — and considers similar questions which have come up in the past, and will surely continue to do so, as far ahead as one can look. Thus what it means by an international economy is one consisting of a number of national economies, each of which uses its own money. Within each nation are a number (which we take to be a large number) of separate decision-makers, persons and firms, private and public, which have commercial and financial relations between them. The parties to a transaction may have the same, or they may have different, national attachments.

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