Online from: 2006
Subject Area: Management Science/Management Studies
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|Title:||Reforming the world monetary system: How Fritz Machlup built consensus among business leaders and academics using scenario analysis|
|Author(s):||Carol M. Connell, (Department of Economics, Brooklyn College, City University of New York, Brooklyn, New York, USA)|
|Citation:||Carol M. Connell, (2011) "Reforming the world monetary system: How Fritz Machlup built consensus among business leaders and academics using scenario analysis", Journal of Management History, Vol. 17 Iss: 1, pp.50 - 65|
|Keywords:||Balance of payments, Exchange rate mechanisms, International economics, Monetary policy|
|Article type:||Research paper|
|DOI:||10.1108/17511341111099529 (Permanent URL)|
|Publisher:||Emerald Group Publishing Limited|
Purpose – The purpose of this paper is to examine Fritz Machlup's method and use of scenario analysis in the policy discussions around exchange rate solutions to balance of payments problems.
Design/methodology/approach – The qualitative research on which this paper is based is the sociohistorical biographical approach, based on a close examination of published works and archival materials.
Findings – What makes Machlup unique is his focus on the impact to an economic system of discrete human actions, each set of actions associated with a change in exchange rate policy and the operations and institutions necessary to implement it. Impact on the system was evaluated in terms of three values – balance of payments adjustment, liquidity and confidence. In his use of a system's approach, his focus on change and adjustment to change, and most particularly his focus on human action, Machlup is also distinctively Austrian.
Research limitations/implications – This is the first paper generated from the author's far larger planned study of Fritz Machlup and the Bellagio Group.
Practical implications – The collaborative exploration of alternative futures by senior teams has become increasingly important to strategic planning by governments and corporations.
Originality/value – The story of the Fritz Machlup's contribution to exchange rate regimes, international trade and the balance of payments has remained largely untold.
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