Book Review:Three Days at Camp David: How a Secret Meeting in 1971 Transformed the Global Economy

A Revealing Description of the Decision Making Process in the Nixon White House

In Three Days at Camp David: How a Secret Meeting in 1971 Transformed the Global Economy, by Jeffrey E. Garten, tells the story of how President Richard Nixon and his top advisors developed a plan to abandon the post-World War II international monetary system (known as the Bretton Woods system) under which exchange rates were fixed and the United States guaranteed that it would exchange gold at a rate of $35 per ounce.

This book is a stark reminder that Nixon’s time in office consisted of much more than the Watergate scandal. He was the President that opened relations with Communist China, he dealt with an economy in stagflation, and he wound down the War in Viet Nam.

In 1971 the United States was experiencing both high inflation and high unemployment. There were a number of reasons for these problems. One of those reasons was the international trade imbalances caused, in part, by the United States’ commitments under the Bretton Woods system. The policies adopted by Nixon and his team at the meeting at the Camp David were an effort to get out from under those commitments. International monetary policy is a very complex subject. While Garten tries to provide necessary background so that the reader can fully understand the issues described in his book, many readers may not be able to keep up.

However, this book is about far more than the policy decisions made at Camp David. Readers who do not fully comprehend the technical concepts presented in this book should appreciate Garten’s detailed descriptions of Nixon’s decision making process and his interactions with his advisors.

Garten explains that Nixon fully understood that something had to be done to change the United States’ commitments under Bretton Woods. However, he makes it perfectly clear that Nixon was primarily concerned that any such changes be explained in a way that did not impair his chances for re-election in 1972. And while Nixon consulted his top advisors for their opinions he was quick to bully them into agreeing with his position if he thought his position would be more favorable with the public.

Richard Nixon was an extremely complicated person who made highly important decisions at a critical time in our country’s history. Three Days at Camp David successfully describes his thoughts and his decision making process. It is a revealing and informative read and I give it 4 stars. I recommend it both for those who have an interest in international monetary policy and for those that have an interest in Richard Nixon and his decision making process.