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It is clearly pointed out in the passage that the United States' decision in 1971 to give up the postwar gold standard ----.
A key feature of globalization has been the
transformation of the world economy, highlighted by
the rapid integration of markets since 1970. In a
series of historic changes, the international
agreements that had regulated the movement of
people, goods, and money since World War II were
overturned. To begin with, the postwar economic
arrangements sealed by various treaties steadily
eroded in the late 1960s, as Western industrial
nations faced a double burden of inflation and
economic stagnation. A crucial shift in monetary
policy occurred in 1971, when the United States
abandoned the postwar gold standard and allowed
the dollar to range freely. As a result, formal
regulations on currencies, international banking, and
lending among states faded away. They were
replaced with an informal network of arrangements
managed autonomously by large private lenders,
their political friends in leading Western states, and
independent financial agencies such as the
International Monetary Fund (IMF) and the World
Bank. The economists and administrators who
dominated these new networks steered away from
the interventionist policies that had shaped postwar
planning and recovery. Instead, they relied on a
broad range of market-driven models termed
“neoliberalism.”