ABSTRACT
THE THEORY of monetary sovereignty, which Irving Fisher and J. M. Keynes developed in reaction against the international gold standard, served the purpose for which it was intended, namely, that of providing a theoretical basis for national monetary measures to avoid or minimize the impact of depressions in other countries. Since it has again become possible for nations to co-operate in monetary and other matters for the common objectives of full employment and multilateral trade, we shall examine the implications of the theory of monetary sovereignty in the light of a new world setting.
