ABSTRACT
In this chapter we take the question of international monetary reform one step further. Past and current arrangements concerning world money are inadequate to give the emerging global accumulation regime the required degree of cohesion. Our multi currency system, in which the dollar, the mark, and the yen compete for dominance, ties up huge sums of capital rather unproductively in short-term portfolio management and exacerbates tensions among leading economic powers. The failure of the G-7 nations to follow up on their "managed float" with increased policy coordination shows how difficult it is to reform this system from within.
