Anthony Endres's Architects of the International Financial System (Routledge PDF

By Anthony Endres

Who have been the nice thinkers on overseas finance within the mid-twentieth century? What did they suggest could be performed to create a strong overseas monetary order for selling global alternate and fiscal development?

This vital booklet reports the tips of a few of the main cutting edge economists within the mid-twentieth century together with 3 Nobel Laureates; nice thinkers who assisted in shaping the overseas economic system and the position of the realm financial institution and the overseas financial Fund.

Covering the interval from the overdue Forties up until eventually the cave in of the fastened US dollar-gold hyperlink in 1971, the effect of Hansen, Williams, Graham, Triffin, Simons, Viner, Friedman, Johnson, Mises, Rueff, Rist, Hayek, Heilperin and Röpke is classed. This striking publication will turn out helpful to scholars learning overseas economics, financial background and the heritage of monetary notion.

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Extra info for Architects of the International Financial System (Routledge International Studies in Money and Banking)

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3 Alvin Hansen’s Keynesian interpretation of Bretton Woods An American Keynesian at Bretton Woods Much has been written about the arrival of Keynesian economics and its impact on national economic policy in the United States in the 1940s and 1950s (Stein 1969; Jones 1972). By contrast, it is difficult to locate any retrospective assessments on the impact of Keynesian ideas in the United States specifically in connection with American attitudes to international financial problems from BW onwards. 1 As Paul Samuelson (1976a: 25) concluded, there is ‘much that is just’ in bestowing on Hansen the title ‘the American Keynes’.

It is therefore little wonder that scant attention was paid at the BW Conference to what BW architects considered as secondorder issues. Reconciling BW international financial principles and guidelines with the design and operation of disciplined national monetary and fiscal policies would follow naturally on the achievement of exchange rate stability. Policy assignment guidelines at Bretton Woods: a reconstruction In obtaining membership of the BW international financial order and complying with the Articles of Agreement, members needed to submit to the admittedly broad, implicit policy guidelines embodied in the system.

The fundamental normative judgement of BW architects was that member nations should be protected from themselves; that is, from the wealth-destructive consequences of individual nations engaging in competitive exchange rate devaluations and protectionist trade policies. In modern language, economic interdependencies and macroeconomic interactions among countries require some degree of mutual recognition, followed by cooperation over economic policy. More formal policy coordination is likely to be successful in countries entering a BW-type agreement if there is a transnational consensus on at least some major policy goals (Bryant 1995).

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