July 19, 2024

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Macro Economics

President Richard Nixon giving a television address

In a new book, Yale SOM Dean Emeritus Jeffrey Garten explores a moment when the U.S. realized it needed to take a different role on the global stage in response to trade and economic challenges. Richard Nixon’s decision to delink the dollar from gold, announced without warning in August 1971, remade the global monetary system in an instant. We talked with Garten about the three days of drama leading up to the announcement and how it reverberates today.

President Richard Nixon announcing a series of economic measures on August 15, 1971. AP Photo/HWG.

Q: What...

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