John Marcus Fleming (13 March 1911 – 3 February 1976) was a British economist. Fleming was educated at

Bathgate Academy Bathgate Academy is a Mixed-sex education, mixed secondary school in Bathgate, West Lothian, Scotland, also serving the nearby town of Blackburn, West Lothian, Blackburn. History Established by the will of John Newland (a Jamaican-plantation sla ...

and the

University of Edinburgh The University of Edinburgh (, ; abbreviated as ''Edin.'' in Post-nominal letters, post-nominals) is a Public university, public research university based in Edinburgh, Scotland. Founded by the City of Edinburgh Council, town council under th ...

, the

Graduate Institute of International Studies Graduate may refer to: Education * The subject of a graduation, i.e. someone awarded an academic degree ** Alumni, a former student who has either attended or graduated from an institution * High school graduate, someone who has completed hi ...

in Geneva, and the

London School of Economics The London School of Economics and Political Science (LSE), established in 1895, is a public research university in London, England, and a member institution of the University of London. The school specialises in the social sciences. Founded ...

. In his early career he worked for the Economic and Financial Organization of the

League of Nations The League of Nations (LN or LoN; , SdN) was the first worldwide intergovernmental organisation whose principal mission was to maintain world peace. It was founded on 10 January 1920 by the Paris Peace Conference (1919–1920), Paris Peace ...

, before becoming a civil servant during

World War II World War II or the Second World War (1 September 1939 – 2 September 1945) was a World war, global conflict between two coalitions: the Allies of World War II, Allies and the Axis powers. World War II by country, Nearly all of the wo ...

at the Ministry of Economic Warfare. After the War, he was the deputy director of the research department of the

International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...

for many years; he was already a member of this department during the period of Canadian economist

Robert Mundell Robert Alexander Mundell (October 24, 1932 – April 4, 2021) was a Canadian economist. He was a professor of economics at Columbia University and the Chinese University of Hong Kong. He received the Nobel Memorial Prize in Economic Sciences i ...

's affiliation. At approximately the same time as Mundell, Fleming presented similar research on stabilization policy in open economies. As a result, today's textbooks refer to the

Mundell–Fleming model The Mundell–Fleming model, also known as the IS-LM-BoP model (or IS-LM-BP model), is an economic model first set forth (independently) by Robert Mundell and Marcus Fleming. Reprinted in Reprinted in The model is an extension of the IS–LM ...

. Mundell's contribution, which assumes perfect rather than imperfect capital mobility is, however, considered more important due to its depth, range, and analytical power, and more applicable to today's conditions.

Publications

*''Dual exchange market and other remedies for disruptive capital flows'', IMF Staff Papers, March 1974.

References

External links

The Royal Swedish Academy of Sciences has decided to award the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, 1999 to Professor Robert A. Mundell
* Reprinted in * 1911 births 1976 deaths People educated at Bathgate Academy Alumni of the University of Edinburgh Graduate Institute of International and Development Studies alumni 20th-century British economists {{UK-economist-stub