ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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On the Making of the Next Century

On the Making of the Next Century THE 20th century arrived a little late, in 1905, when the Russian army was defeated by Japanese troops in the battlefield of Crimea. As if in apology, the 21st century had come a little earlyi in December 1994, when the Mexican peso had a melt-down. That Currency episode shows the day. A new class has entered the arena a class of rentiers; with a worldwide sweep. It had a dress rehearsal with the pound sterling and lira two years earlier; The signs and footsteps of this unfolding class are unmistakable. The foreign exchange market was the first to globalise in the mid- 1970s as controls were lifted after the Smithsonian Agreement. Advanced telecommunications immensely facilitated arbitrage. The market is awesome in site. The ratio of foreign-exchange transactions to the volume of world trade has jumped turnover is rising fasti at 1.3 trillion dollars

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