Leanne Ussher: Learning from the Past to Design the Future (2/4)

The video discusses Keynes' original proposal for an international clearing union and the subsequent proposals by Benjamin and Frank Graham for a commodity reserve currency. Nicholas Caldor's critique and follow-up on these ideas are also explored. The video compares the different proposals, highlighting their approaches to stabilizing commodity prices and addressing global imbalances. It concludes with the potential benefits of a commodity buffer stock as an automatic stabilizer and its implications for future economic policies.

What was the significance of the index created for stabilizing commodity prices?

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What potential benefits could arise from stabilizing commodity prices for developing countries?

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In what ways could the proposed commodity buffer stock system address global imbalances?

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How did the breakdown of the Bretton Woods system affect the terms of trade between manufactured goods and commodities?

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