The Role of Bretton Woods Institution in the Restructuring of International Relations in the Post -War Period - Coursework Example

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The author of the paper will begin with the statement that Bretton Woods institution was established in 1944, representing 44 nations to set standards by which international trade and finance could be conducted once the Second World War was over…
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The Role of Bretton Woods Institution in the Restructuring of International Relations in the Post -War Period
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Download file to see previous pages Exchange rates in the pre-war period were used to secure a competitive advantage in the mercantilist world (Crockett, 1999). Current account payments were subject to severe restrictions. The International Capital Mobility evolved because the Great Depression discredited gold standard orthodoxy and the financial markets became unpopular. The attachment to gold was identified as the causes of economic calamity. Financial products and markets became closely regulated. Maintaining high employment was considered more important than preserving the value of the currency (Obstfeld, 1998). The current account payments were to be progressively liberalized. These changed attitudes led to the establishment of the Bretton Woods Institutions.
The basic idea with which this institution was promoted was to promote cooperation and humanitarian goals. The two architects had different goals and objectives right from the beginning. While White intended to favor incentives designed to create price stability within the world's economies, Keynes wanted a system that encouraged economic growth (O’Hara). Hence, even before the plan was launched, there were compromises made from both sides although the final plan was largely American in nature. It was obligatory for each of the member countries to adopt a monetary policy that maintained the exchange rate of its currency within a fixed value in terms of gold. IMF would bridge temporary imbalances of payments.
The planners at Bretton Woods favored a liberal system relying primarily on the market with the minimum barriers to the flow of private trade and capital. ...Download file to see next pagesRead More
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