In this Book

Orderly Change
summary

The Bretton Woods Conference of 1944 resulted in the formation of the International Monetary Fund and World Bank and helped lay the foundation for an unprecedented expansion of international commerce. Yet six decades later, at the beginning of the twenty-first century, the central characteristics of the Bretton Woods system remain disputed-and the subject of continuing public policy debate.

Relying on extensive access to IMF, World Bank, and other archives, the contributors to Orderly Change show that the history of international monetary relations since Bretton Woods is one of "orderly change"-that is, change within a sturdy but supple framework. Even during the years of fixed exchange rates, very different practices characterized international monetary relations immediately after World War II, during the 1950s, and during the 1960s. Later, when the fixed exchange-rate system collapsed, underlying commitments to trade liberalization in the context of continuing national economic policy autonomy survived and even flourished. However, the resulting international economic order is now in grave danger: the tension between states' autonomy and their mutual openness has become acute, as international monetary structures no longer appear capable of mediating between these objectives. David M. Andrews and the contributors to Orderly Change examine past transitions as a means of suggesting possible avenues for current and future policymaking.

Table of Contents

  1. Cover
  2. pp. 1-2
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  1. Title Page, Copyright
  2. pp. iii-iv
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  1. Contents
  2. pp. vii-viii
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  1. Contributors
  2. pp. xi-xi
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  1. Acknowledgments
  2. pp. xi-xii
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  1. Introduction
  2. pp. 1-5
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  1. Chapter 1. Bretton Woods
  2. pp. 6-24
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  1. Chapter 2. Trade and Money in the Roosevelt Administration
  2. pp. 25-35
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  1. Chapter 3. War time Financial Diplomacy and the Transition to the Treasury System, 1939–1947
  2. pp. 36-51
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  1. Chapter 4. International Liquidity Provision
  2. pp. 52-77
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  1. Chapter 5. Ambiguous Aspects of Bretton Woods
  2. pp. 78-99
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  1. Chapter 6. Kennedy’s Gold Pledge and the Returnof Central Bank Collaboration
  2. pp. 100-119
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  1. Chapter 7. U.S. Payments Problems and the Kennedy Round of GATT Negotiations, 1961–1967
  2. pp. 120-138
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  1. Chapter 8. Incomes Policies and the U.S. Commitment to Fixed Exchange Rates, 1953–1974
  2. pp. 139-154
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  1. Chapter 9. West German Monetary Policy and the Transition to Flexible Exchange Rates,1969–1973
  2. pp. 155-176
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  1. Chapter 10. Legal Foundations of the U.S. Dollar,1933–1934 and 1971–1978
  2. pp. 177-188
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  1. Chapter 11. The Institutional Legacy of Bretton Woods
  2. pp. 189-210
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  1. Chapter 12. Future Prospects of the Bretton Woods Order
  2. pp. 211-235
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  1. Index
  2. pp. 237-245
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