Post-War Settlement and the Bretton Woods Institutions
Post-War Settlement and the Bretton Woods Institutions
Post-War Settlement and the Bretton Woods Institutions: In brief , the main aim of the post ware international economic system was to preserve economic stability and full employment in the industrial world .
From inter-war economic experiences, two key lessons are drawn by the economists and politicians
(i) The first lesson is an industrial society based on mass production needed mass consumption Mass consumption needed high and stable income. Stable income required steady and full employment, for this government should take necessary steps.
(ii) The second lesson related to economic links with other countries. The target of full employment could be achieved only if government had the power to control flows of goods, capital and labour.
It was supported by the United Nations Monetary and Financial Conference held in July 1944 at Bretton Woods in New Hampshire, USA.
Establishment of IMF and World Bank: The Bretton Woods Conference established the International Monetary Fund (IMF) to deal with external surpluses and deficits of its member nations.
The International Bank for Reconstruction and Development (known as World Bank) was set up to finance post-war reconstruction. The IMF and World Bank are referred as the Bretton Woods Institutions or the twins of the Bretton Woods.The post-war international economic system is also described as the Bretton WoodsSystem.
Decision-making in these institutions is controlled by the Western industrial powers. The US has an effective right of veto over key IMF and World Bank decisions.The International Monetary System is the system linking national currencies and monetary system. Under this system, the national currencies followed the fixed exchange rates and were fixed to the US dollar.
The Early Post-War Years: The Bretton Woods System inaugurated an era of stable growth of trade and income for the Western industrial nations and Japan. World trade increased annually at over 8 per cent between 1950 and 1970 and incomes at nearly 5 per cent. The growth was mostly stable, without large fluctuations. The unemployment rate averaged less than 5 per cent in most industrial countries.
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