August 15, 1971, was a fateful day in the history of American economic policy: President Richard Nixon imposed far-ranging wage and price controls on the U.S. economy, abolished the fixed exchange rate system that had been in place since 1945, and took other significant actions to deal with inflation, which had become the economy’s overarching problem. In many ways, we are still dealing with the consequences of those actions.From 1945 until 1971, the economy of the Western world was governed by a system established at a conference in Bretton Woods, New Hampshire, where the victorious powers from World War II (minus the Soviet Union) created rules and institutions designed, above all, to prev
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