In the "first age of globalization", governments largely chose to pursue a stable exchange rate while allowing freedom of movement for capital-the sacrifice was that their monetary policy was largely dictated by international conditions, not by the needs of the domestic economy.
In the "first age of globalization", governments largely chose to pursue a stable exchange rate while allowing freedom of movement for capital. The sacrifice was that their monetary policy was largely dictated by international conditions, not by the needs of the domestic economy.