Nobel Prize Winner
Robert Mundell won the Nobel Memorial Prize in Economic Science in 1999 for his lecture "A Reconsideration of the Twentieth Century". According to the Nobel Prize Committee, he got the honor for "his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas".
Robert Mundell concluded in that lecture that "the international monetary system depends only on the power configuration of the countries that make it up". He divided the entire twentieth century into three parts by different periods of time:
- In first third of the century, from its beginning to the Great Depression of the 1930s, economics was dominated by the confrontation of the Federal Reserve System with the gold standard.
- The second third of the century was from World War II to 1973, when the international monetary system was dominated by fixing the price of gold with the US dollar.
- The last third of the century started with the destruction of the old monetary system due to the problem of inflation.
With the destruction of the old monetary system, a new international monetary system was finally founded. Controlling inflation by each country became a main topic during this era.
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