International Monetary Fund / by Shigeo Horie

The idea of the Fund did not arise suddenly in the minds of those who took part in drafting and establishing it. As has been the case with all social phenomena, a very long time elapsed and tremendous efforts were exerted before the way was opened for its birth. The present system has its origin in the international gold standard system which was the first to embody an international monetary system. Further, the lessons learned in the field of international finance during the inter-war period and the experience gained in solving complex problems led up to its establishment.

In this book I first analyse the international gold standard system, and then trace the development and changes in it during the inter-war period. In this way I endeavour to help readers to grasp the process by which the Fund system was established. On the basis of my experience of what has gone before and an analysis of the present Fund arrangements, I survey various plans for reform and set out my views on its future prospects.