Image — President Richard Nixon and Treasury Secretary John Connally discuss new economic programmes for the United States at Camp David in Maryland, 1971. Photo by PhotoQuest/Getty Images.

Image — President Richard Nixon and Treasury Secretary John Connally discuss new economic programmes for the United States at Camp David in Maryland, 1971. Photo by PhotoQuest/Getty Images.

Policymakers can learn from Nixon's 'dollar shock'

The decision in 1971 to suspend the convertibility of the US dollar into gold has lessons for addressing the challenges faced by the modern international economic system.

Authors

  • Head, Global Economy and Finance Programme, Chatham House; Director for International Economic Affairs in the National Security Secretariat and G7/G20 ‘sous sherpa’ (2017-19)

  • Associate Fellow, Global Economy and Finance Programme, Chatham House

  • Expert comment
  • 14 Sep 2021
  • 1 min read

Authors

  • Head, Global Economy and Finance Programme, Chatham House; Director for International Economic Affairs in the National Security Secretariat and G7/G20 ‘sous sherpa’ (2017-19)

  • Associate Fellow, Global Economy and Finance Programme, Chatham House

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