This paper describes the structure of the world gold market, its sources of supply and demand, and how it functions. The market has three principal functions in three major locations: the New York futures market speculates on spot prices, which are largely determined in London, whereas physical gold is in large part shipped through Zurich. The market is dominated by large suppliers and gold holders, including monetary authorities. Some unique characteristics of the gold market ensure confidentiality, and as a result, there are gaps in existing knowledge and data. The paper identifies and attempts to fill these gaps.

Dated September 1993

Using an inter-disciplinary and global approach this book examines the different roles gold played in the international economy from the late 19th century until today. It gives a complete and comprehensive overview of the many facets of the global gold market's organization from the extraction of this precious metal to its consumption.

This book is about the economy rather than economics. It explores the structures, inner workings and problems of modern economies, showing how the organisations and networks that shape the structure of the economy are arranged to provide society with goods and services. At the centre of the analysis there is the economic system, characterised by organisational components carrying out economic functions (production, consumption, distribution, and establishment and control of the economic activities as well as provision of public goods and services) and by a co-evolving dynamic with the state. The economic system is thus a ‘machine’ that modern states have organised through their laws and international agreements. The book incorporates a historical approach which reveals the varieties, structure and evolution of capitalism as the defining economic system of the modern age. Ultimately, the book demonstrates that the economic sphere and the political sphere are the two powers ruling people’s lives: the economy is the result of their interactions. This book will be of great interest to readers in political economy, economics, sociology and political science.

Respected international experts such as Michael Bordo, Larry Sjaastad and Ken Clements are brought together in a wonderfully well researched new book on this most important of topics. This comprehensive, well-written book provides all you need to know about Gold and the Modern World Economy.

This paper reviews China's experience with market-oriented reform since 1978, including domestic reforms, the opening of the economy to foreign trade and investment, and the decentralization of decision making. It identifies special conditions that may have affected China's capacity to implement reforms, assesses the impact of the reforms on the structure of the economy and on its integration into the world economy, examines the effect of the reforms on macroeconomic management and stability, and draws implications for the direction of China's future reform strategy.