Bretton Woods System: Post-War Monetary Order
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Post-War Monetary System Talks
The initial talks on reconstructing a postwar international monetary system started between the United States and United Kingdom as early as 1941. The lead negotiators were Harry Dexter White for the USA and John Maynard Keynes for the British. Given the US economic and political dominance at the end of the war, it is not surprising that the eventual system reflected more the US proposals. The system that emerged was ratified at an international monetary conference held at Bretton Woods, New Hampshire, attended by some 44 countries, although some commentators dubbed the conference as a meeting of 1.5 nations (the USA and the UK!).
Bretton Woods Institutions
The Bretton Woods Agreement created three institutions:
- The