Available online
Description
This programme looks at the problem of fluctuating exchange rates in the British economy. It begins by highlighting the dramatic fall in the value of the pound in 1976. Then it traces the pound's f...luctuating value from the gold standard at the turn of the century up to the present time. Finally, the question of whether fixing or floating is the better policy to pursue, is discussed with Professor Geoffrey Maynard of the Chase Manhattan Bank.
This programme looks at the problem of fluctuating exchange rates in the British economy. It begins by highlighting the dramatic fall in the value of the pound in 1976. Then it traces the pound's f...luctuating value from the gold standard at the turn of the century up to the present time. Finally, the question of whether fixing or floating is the better policy to pursue, is discussed with Professor Geoffrey Maynard of the Chase Manhattan Bank.
| Module code and title: | D284, National income and economic policy |
|---|---|
| Item code: | D284; 04 |
| First transmission date: | 13-06-1979 |
| Published: | 1979 |
| Rights Statement: | |
| Restrictions on use: | |
| Duration: | 00:23:50 |
| + Show more... | |
| Producer: | Roger Penfound |
| Contributors: | F S Brooman; Geoffrey Maynard |
| Publisher: | BBC Open University |
| Keyword(s): | Exchange rates; Keynesianism; Macro economics |
| Footage description: | Derrick Brooman introduces the programme by describing the collapse of the pound during 1975 then looks back over the 20th Century to examine the history of the changing value of the pound measured against the dollar. He describes how the gold standard operated before World War I, how the war disrupted trade patterns and broke currency links with gold and how Britain failed in its attempt to go back to gold standard in 1925. Derrick Brooman then talks about the Bretton Woods conference and the foundation of the IMF after World War II. A recording is played of Keynes speaking about the significance of the conference. The Bretton Woods conference set up fixed exchange rates which could be altered through the agency of the I.M.F. Archive film is shown of Harold Wilson explaining the decision to devalue the pound in 1967. Derrick Brooman comments that this was symptomatic of the break down of the Bretton Woods plan. 1972 saw the pound become a floating currency. He now talks about 1976 in greater detail, describing the differences between fixed and floating rates and the mechanisms which control them. He then discusses with Geoffrey Maynard, of Reading University, the policy options which are open to a government with fixed or floating exchange rates. Finally they consider the causes for the lack of confidence in the British economy which led to the decline of the pound in 1976. |
| Master spool number: | 6HT/73121 |
| Production number: | FOUD032H |
| Videofinder number: | 155 |
| Available to public: | no |
