This paper examines the development of the international monetary system, conceptualized as a succession of forms based on increasingly complex forms of the international credit system. It starts with a critic of the current concepts about the subject, based as they are on the quantity theory of...

The paper assesses the consequences of the structure of the international credit system upon the balance of payments of the periphery countries, in the form of increasing chronic current account deficit, under conditions of liberalized external relations. The attempt has been made to demonstrate...