Leanne Ussher: Learning from the Past to Design the Future (2/4)

The video discusses Keynes' original proposal for an international clearing union and the subsequent proposals by Benjamin and Frank Graham for a commodity reserve currency. Nicholas Caldor's critique and follow-up on these ideas are also explored. The video compares the different proposals, highlighting their approaches to stabilizing commodity prices and addressing global imbalances. It concludes with the potential benefits of a commodity buffer stock as an automatic stabilizer and its implications for future economic policies.

What was the significance of the index created for stabilizing commodity prices?

What potential benefits could arise from stabilizing commodity prices for developing countries?

In what ways could the proposed commodity buffer stock system address global imbalances?

How did the breakdown of the Bretton Woods system affect the terms of trade between manufactured goods and commodities?