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The Foreign Policy of Lyndon B. JohnsonThe United States and the World, 1963-69$
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Jonathan Colman

Print publication date: 2010

Print ISBN-13: 9780748640133

Published to Edinburgh Scholarship Online: March 2012

DOI: 10.3366/edinburgh/9780748640133.001.0001

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Dollars and Gold: Monetary and Trade Policy

Dollars and Gold: Monetary and Trade Policy

(p.187) Chapter Nine Dollars and Gold: Monetary and Trade Policy
The Foreign Policy of Lyndon B. Johnson

Jonathan Colman

Edinburgh University Press

This chapter examines Johnson's contribution to the foreign economic policies of the United States. It outlines the international monetary regime of the 1960s and then explores the chronic US balance of payments deficit, due in large part to defence spending in Europe and Asia. It assesses the economic crisis of 1967–8, which arose initially from the devaluation of sterling and left the dollar exposed to speculative attack. The Johnson Administration exploited continued American influence and succeeded in the establishment of a two-tier gold market and the creation of a new international currency known as Special Drawing Rights (SDR). This chapter also covers the Administration's successful effort to liberalise trade among the developed countries through the Kennedy Round of tariff negotiations under the General Agreement on Tariffs and Trade (GATT).

Keywords:   foreign economic policies, President Johnson, United States, defence spending, two-tier gold market, GATT, Special Drawing Rights

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