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Currency question --- Congresses --- United Nations Monetary and Financial Conference
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Commentaries by top scholars alongside the most important documents and speeches concerning the Bretton Woods Conference of 1944 The two world wars brought an end to a long†'standing system of international commerce based on the gold standard. After the First World War, the weaknesses in the gold standard contributed to hyperinflation, the Great Depression, the rise of fascism, and ultimately World War II. The Bretton Woods Conference of 1944 arose out of the Allies' desire to design a postwar international economic system that would provide a basis for prosperity, trade, and worldwide economic development. Alongside important documents and speeches concerning the adoption and evolution of the Bretton Woods system, this volume includes lively, readable, original essays on such topics as why the gold standard was doomed, how Bretton Woods encouraged the adoption of Keynesian economics, how the agreements influenced late†'twentieth†'century ideas of international development, and why the agreements ultimately had to give way to other arrangements.
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A decade of crises has reminded us of the fragility of the international financial system. Conventional wisdom holds that uncertainty is the basic problem of financial governance, and attempts to contain ambiguity have dominated recent financial reform efforts. Jacqueline Best, however, contends that ambiguity can play a valuable role in international political and economic stability. The stability of the postwar era depended, Best suggests, on a carefully maintained balance between coherence and ambiguity. In her view, the collapse of the Bretton Woods exchange-rate regime was caused in large part by the increasing rigidity of the system and its corresponding inability to accommodate ambiguity.This is a novel argument in an area much discussed by economists and political scientists. Their debate has focused on uncertainty as a technical problem and transparency as the solution. Although such policies are presented as technical, Best demonstrates that they are also political, have cultural consequences, and may prove counterproductive. Rather than assume that transparency is the ultimate goal, Best argues, we must recognize that ambiguity is pervasive, substantive, and potentially constructive. To read this book is to comprehend more deeply the ways in which politics is fundamental to economic theory and practice and to understand why the economy requires political leadership in order to flourish.
International finance --- Keynesian economics. --- General Economics. --- History --- United Nations Monetary and Financial Conference
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Inflation (Finance) --- International finance --- IMF. --- United Nations Monetary and Financial Conference
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Keynes's proposal in 1944 at the Bretton Woods Conference to found the new international monetary system on a world currency (the "bancor") was rejected and the dollar - convertible into gold - was put at the center of the system. In 1968 the IMF created its own "unit of account" - the SDR - based on a basket of national currencies and, in 1971, president Nixon announced the end of dollar convertibility to gold. In 2008 the financial crisis erupted and in 2016 the renminbi was included in the SDR basket: a new international multi-currency reserve system is emerging. This work offers a synthetic but comprehensive view of the international monetary system's evolution from an original perspective: the process for reinforcing and stabilizing it through the gradual introduction of a world currency (notably, the SDR).
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Eric Helleiner's new book provides a powerful corrective to conventional accounts of the negotiations at Bretton Woods, New Hampshire, in 1944. These negotiations resulted in the creation of the International Monetary Fund and the World Bank-the key international financial institutions of the postwar global economic order. Critics of Bretton Woods have argued that its architects devoted little attention to international development issues or the concerns of poorer countries. On the basis of extensive historical research and access to new archival sources, Helleiner challenges these assumptions, providing a major reinterpretation that will interest all those concerned with the politics and history of the global economy, North-South relations, and international development.The Bretton Woods architects-who included many officials and analysts from poorer regions of the world-discussed innovative proposals that anticipated more contemporary debates about how to reconcile the existing liberal global economic order with the development aspirations of emerging powers such as India, China, and Brazil. Alongside the much-studied Anglo-American relationship was an overlooked but pioneering North-South dialogue. Helleiner's unconventional history brings to light not only these forgotten foundations of the Bretton Woods system but also their subsequent neglect after World War II.
International finance --- Economic development --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- History --- United Nations Monetary and Financial Conference --- Bretton Woods Conference --- Conférence monétaire et financière des Nations Unies, --- Conferencia Monetaria Internacional de Bretton-Woods --- Conferencia Monetaria y Financiera de las Naciones Unidos --- Monetary and Financial Conference, United Nations --- Rengōkoku Tsūka Kinʼyū Kaigi --- United Nations Monetary & Financial Conference --- United nations monetary and financial conference, --- United Nations Monetary and Financial Conference. --- E-books --- Internationale financiën
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