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The IMF: of Bretton Woods until 1970

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  1. The tyranny form of government
    1. The concept of power
    2. The tyrant, the sole holder of power
  2. Tyranny, a controversial and transient system
    1. A controversial system
    2. A transient regime

The IMF was founded in July 1944, following a monetary conference held in Bretton Woods. The conference concluded with the drafting of the IMF's status, a text which would become the reference for the functioning of the international monetary system. The major orientations of the monetary fund at the end of this conference are still valid in the whole. The Bretton Woods was held in the post-war period, and was focused on eliminating past mistakes, not by concentrating on how to rebuild the world economy, but also on how to institutionalize and expand the solidarity between the allied nations which, beyond the differences were such that it seemed possible to establish a new order. Thus, all participants then attempted to answer the same question: how can we avoid a return to the terrible economic conditions that preceded the Second World War?

To avoid the economic disaster of the interwar period, the United States and Great Britain decided to establish the foundations of a new system to ensure stability of the economy after World War. The United States attaches great importance to the preparation of peace. As noted by historian Margaret de Vries "the United States, at the initiative of President Franklin D. Roosevelt adopted a leadership role in the preparation of new international organizations and, in many respects, that of a new world economic order. This was in direct opposition to their isolationist attitude after the First World War. "

The United States considers certain objectives to be essential: firstly, they want to restore exchange rate stability and prevent a return to competitive devaluations, they want more of a financial assistance mechanism to help countries whose balance of trade is in deficit, to prevent temporary difficulties and entail the use of protectionism (Protectionism is an economic policy by which the State or group of States can intervene in the economy and help companies protect their products, through public procurement policies, standards, tariffs, export subsidies, etc. ..)

From 1941, when the world was still immersed in the Second World War, two men will develop separate plans for the establishment of a new economic order and the International Monetary Fund after the fighting ended. This is John Maynard Keynes ((1883-1946), British mathematician and economist. He is the inspiration of Keynesianism; Keynes advocated the intervention of the state (to ensure full employment) and Harry Dexter White ( 1892-1948), American economist and a key employee of the Department of the Treasury of the United States exerted considerable influence in international relations at the time).

From 1941, these two men would begin to disseminate texts offering an international monetary reform. The two projects were quite similar: Both men believed that the trade disputes between the two wars were partly responsible for the outbreak of World War II: both wanted to restore the stability of exchange rates and currency convertibility. However, they had different conceptions of the practical functioning of these institutions.

White's plan focused on the restoration of free trade, the revival of world trade; he wanted to eliminate protectionist measures and sought the restoration of international monetary cooperation.
Tags: John Maynard Keynes, Bretton Woods, IMF

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