Originally published in 1987, The Flight of International Capital provides a fascinating comprehensive analysis of the history of international money movements. Taking 1931 as the turning point between old-style and modern methods of conducting monetary affairs, the book relates currency shifts and investment trends to political events. He deals with five eras in the history of international capital; the unsettled post-crash period 1931-1936; the flight of capital to the US before World War II; the dollar and Swiss Franc’s time as the only ‘hard monies’ till the late fifties; the emergence of the mark-dollar axis before 1971; and finally, the behaviour of floating currencies.

chapter |15 pages


chapter 2|86 pages

Capital Flight in the Approach to War

chapter 3|67 pages

Solitary Freedom for the Swiss Franc

chapter 4|58 pages

Towards the Floating Mark–Dollar Axis

chapter 5|43 pages

Early Experience of Floating

chapter 6|68 pages

The Rise and Fall of Refuge Currencies