Since 1958, international economists have been greatly concerned with the problem of international monetary reform. Research and writing on this problem has taken one or other of two broad forms. Those economists most concerned with policy have concerned themselves with emphasizing the need for...

This paper is concerned with the optimum solution for the adjustment problem. It is obvious from the outset that it is much easier to discuss non‐optimum solutions, or the pessimum solution, than to discuss the optimum solution. That remark needs to be qualified, however: there would be no...