Both sets of arguments—that the gold standard advocates relied on unrealistic assumptions and that flexible exchange rates are a viable and stable alternative—came to shape the debate in the coming decades and were repeated time and again by Friedman and other disciples of floating exchange rates. In many cases, these were combined with an insistence on domestic monetarism as the “logical” counterpart strategy that also aimed at demarcating this policy set from the Keynesian proposals for flexible rates, promoted most notably by James Meade.

Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, loc. 430