In 1971, the crisis of world capitalism had manifested itself in a currency crisis of unprecedented proportions and the suspension of the convertibility of dollars into gold, the final blow to the world monetary system that had been established by the post-war Bretton-Woods agreement. Ted Grant explained the basis for this crisis was to be found in the deteriorating position of US capitalism and its attempt to export its balance of payments problems to its rivals.

Read the full article on the Ted Grant Archive.