The Bretton Woods agreements: The 70-year itch

Posted: July 4, 2014 in economy
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The tragedy of the Arabs

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The Bretton Woods agreements


Both the West and China are neglecting the institutions that help keep the world economy upright

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AMERICA learned the benefits of economic co-operation the hard way. Its failure to create institutions to help steer the world economy after the first world war exacerbated the Great Depression and paved the way for the next conflagration. That is why, at a small resort in New Hampshire as the second world war was drawing to a close, America and its allies sketched out a rough management plan for the world economy and created some institutions to safeguard it (see Buttonwood). Despite some flaws, the Bretton Woods agreements, signed 70 years ago this month, helped usher in a long and relatively peaceful period of economic growth.
Yet today’s pre-eminent powers seem to have forgotten this lesson. America and Europe have failed to strengthen and reform …

via Economic Crisis


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