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Economics

How the ‘Nixon Shock’ Remade the World Economy

In a new book, Yale SOM’s Jeffrey Garten explores Richard Nixon’s decision to delink the dollar from gold, which remade the global monetary system in an instant.

President Richard Nixon giving a television address
  • Can we manage with(out) markets?

    "Markets are a special set of rules of the game that define institutions to enable mass exchange of resources at a low cost." This is Martin Shubik's one-sentence definition of what a market is. Embedded in its few words are all the complexity and variation in how rules and institutions affect a market's functioning.

    Martin Shubik
  • How do you face the unknown?

    Nature abhors a vacuum. Air invades emptiness. Water floods open space. What happens when a wall is breached and markets are allowed to enter countries where they’d previously been banned? In the 1990s, Rosemary Ripley participated in the infusion of private enterprise into former command economies.