July 1, 2024 marked the 80th anniversary of the opening of the Bretton Woods Conference which birthed the World Bank (WB) and the International Monetary Fund (IMF)—the two major pillars of the international financial system set out at the United Nations in 1944. The US President Franklin D Roosevelt, supporting the creation of the IMF and the International Bank for Reconstruction and Development (IBRD—later the World Bank) said, in a message to the Congress: "The point in history at which we stand is full of promise and of danger. The world will either move toward unity and widely shared prosperity or it will move apart into necessarily competing economic blocs."
During the Bretton Woods negotiations, the British delegation—under the leadership of John Maynard Keynes—advocated the construction of a global clearing union to compensate for balance-of-payments disequilibria as well as the adoption of a truly international reserve unit. His idea of an international currency in ‘Bancor’ was also not accepted as these ideas clashed with the American hegemonic project and, in the end, a ‘gold-dollar standard’ was established. The Joint Statement between the US and the UK, a compromise between their respective proposals, was released on April 21, 1944. This statement laid the groundwork for an agreement on the IMF and introduced the concept of "gold convertible exchange," later modified to "gold convertible currency" in the working documents at Bretton Woods.
Diese Geschichte stammt aus der December 8, 2024-Ausgabe von Millennium Post Delhi.
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Diese Geschichte stammt aus der December 8, 2024-Ausgabe von Millennium Post Delhi.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
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