According to the author, Fichte defends a state of optimum size and a nation managed through planning in purely commercial matters, convertibility of currencies and the necessity of a minimum territory to economic self-sufficiency.
It is time, and long past time, for the practical men of our era -- such as our president and the Republican presidential aspirants -- to throw off the shackles of various defunct economists, cease to distill frenzy from some academic scribblers, embrace the Mundell-Tamny hypothesis, and move forward, immediately, to multilateral convertibility of currencies to gold.
A country maintains the "convertibility" of its currency by standing ready to buy and sell gold or other currencies in exchange for its own at prices within a fixed and rather narrow "spread" above or below the "exchange rate" for its own currency that is implied by the declared parity.
Paris hopes that this will help to put Beijing on the road to convertibility of its currency, the renminbi.
Russia will preserve convertibility of its currency, the ruble, and its budget deficit will not exceed 5percentt of gross domestic product in 2010, Kudrin said.
When internal convertibility of the currency was suspended, it was generally assumed that international parity would be maintained, and a number of statements by the Secretary of the Treasury supported that view.
Similarly, during the American Civil War the U.S. government suspended convertibility of Union currency (greenbacks) into specie (gold or silver coin), and resumption did not occur until 1879 (see specie payment).
This is the second time in the last year that Mr. Putin has called for convertibility of the currency, and some in government have expressed frustration with orders from on high to transform the once-lowly ruble into a world-class currency without a gradual process of economic liberalization.
A report by a committee set up in March by the Reserve Bank, India's central bank, to "revisit" the question of full convertibility of the currency recommends only slow change too slow, for two of the committee's members, who have dissented from some of its cautious conclusions.The rupee is convertible for the purposes of trade.
