Download Beyond the Cold War: Lyndon Johnson and the New Global by Francis J. Gavin, Mark Atwood Lawrence PDF


By Francis J. Gavin, Mark Atwood Lawrence

ISBN-10: 0199790698

ISBN-13: 9780199790692

In writing approximately overseas affairs within the Nineteen Sixties, historians have clearly enthusiastic about the chilly warfare. the last decade featured perilous confrontations among the USA and the Soviet Union over Berlin and Cuba, the large buildup of nuclear stockpiles, the escalation of battle in Vietnam, and sour East-West competition through the constructing international. because the international historic strength of globalization has quickened and deepened, notwithstanding, historians have all started to work out that a few of the worldwide demanding situations that we are facing today

Beyond the chilly War examines how the management of President Lyndon B. Johnson replied to this altering overseas panorama. To what quantity did U.S. leaders comprehend those adjustments? How did they prioritize those concerns along the geostrategic matters that ruled their day-by-day agendas and the headlines of the day? How effectively did american citizens grapple with those long-range difficulties, with what implications for the long run? What classes lie within the efforts of Johnson and his aides to deal with a brand new and inchoate schedule of difficulties? by means of reconsidering the Sixties, this paintings indicates a brand new study time table predicated at the concept that the chilly battle used to be now not the one - or even even crucial - function of foreign lifestyles within the postwar interval.

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65 It forced the Treasury to suspend gold deliveries to the private market. Henceforth, the United States would convert for gold only “official” dollars held by foreign central banks. Privately owned dollars became inconvertible. The move was a major step toward the abandonment of the gold‒dollar link that undergirded Bretton Woods. The March 1968 closure of the private gold window was a last-ditch effort to insulate a state-centric international monetary order from the march of financial globalization.

A low interest rate—“cheap money”—encourages borrowing, investment, and consumption. A high rate—“tight money”—increases the costs of borrowing and encourages debtors to pay off their debts. When central bankers worry that reckless growth is poised to spur price inflation, they typically ratchet up interest rates in order to slow growth and—they hope—defuse inflation. When a downturn in the business cycle impedes growth, drives up unemployment, and generates economic misery, central bankers will lower interest rates to spur investment.

By consequence, making economic policy in the United Sates requires coordination across the branches and offices of the government. In December 1965, however, policymakers were wrestling for control. William McChesney Martin likely traveled to the Johnson Ranch with some trepidation. After all, he had just orchestrated a shift in monetary policy that cut against the president’s agenda. On December 3, the Board of Governors of the Federal Reserve narrowly voted to raise the discount rate, triggering an interest rate hike across the economy.

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