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The Bretton Woods Institutions in Transition

Published online by Cambridge University Press:  22 May 2009

Klaus Knorr
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Extract

The Bretton Woods institutions were set up long before physical warfare ceased. They are part of a wider undertaking to further international cooperation in the postwar world. Befitting its imposing influence, the United States took a prominent part in this enterprise. The overall design lending coherence to the blueprints for economic collaboration is predominantly of American authorship. It is too early yet to assess the worth of these blueprints and the merits of American policy, but even now it isclear that some of the new institutions may not function as intended. Adverse and unforeseen circumstances may force either drastic revision or failure. According to some observers, the companion agencies established at Bretton ”Woods belong in this category.

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Type
Articles
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International Organization , Volume 2 , Issue 1 , February 1948, pp. 19 - 38
Copyright
Copyright © The IO Foundation 1948

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References

1 Tasca, H. J., The Reciprocal Trade Policy of the United States, (Philadelphia, 1938)CrossRefGoogle Scholar.

2 American proposals(the White Plan)are contained In Preliminary Draft Outline of a Proposal for an International Stabilization Fund of the United and Associated nations (Washington, 07 10, 1943)Google Scholar. British proposals (the Keynes Plan) appear in Proposals for an International Clearing Union, Cmd. 6437 (London, 04 7, 1943)Google Scholar; Canadian proposals in Tentative Draft Proposals of Canadian Experts for an International Exchange Union (Ottawa, 06 9, 1943)Google Scholar.

3 Current transactions comprise all international transactions other than transfers of gold and capital funds.

4 For some excellent analyses see: Haberler, Gottfried, “Currency Depreciation and the International Monetary Fund,” The Review of Economic Statistics, v. 26 (1944), pp. 178–181, 191–193CrossRefGoogle Scholar; Young, J. P., “Exchange Bate Determination,” The American Bconomio Review, XXXVII (1947) pp. 589–603Google Scholar; Bloomfleld, Arthur I., “Foreign Economic Rate Theory and Practice,” in Harris, Seymour E. (ed.), The New Economics (New York, 1947) pp. 293–314Google Scholar; Metzler, Lloyd A. et als., International Monetary Policies, Postwar Economic Studies 7, Board of Governors of the Federal Reserve System (Washington, 1947)Google Scholar; Halm, George N., International Monetary Cooperation (Chapel Hill, 1945)Google Scholar.

5 See The United States in the World Economy, United States Dept. of Commerce, Bureau of Foreign and Domestic Commerce, Economic Series 23 (Washington, 1943)Google Scholar.

6 Viner, Jacob, “Two Plans for International Monetary Stabilization,” Yale Review (1943), p. 94Google Scholar.

7 League of Nations, Conditions of Private Investment (Princeton, 1946)Google Scholar.

8 Wallich, Henry C., “Financing the International Bank,” Harvard Business Review, v. 24 (1945–1946), pp. 174–179Google Scholar.

9 “Bretton Woods,” The Economist (July 29, 1944), p. 139.

10 Viner, Jacob, “International Finance in the Postwar World,” The Journal of Political Economy, LV (1947), p. 106Google Scholar.

11 When ratifying the Bretton Woods agreements, the Congress set up the National Advisory Council on International Monetary and Financial Problems. It is composed of the Secretary of Treasury, as chairman, the Secretaries of State and Commerce, and the Chairmen of the Boards of Governors of the Federal Reserve System and the Export-Import Bank. The American Directors in the Fund and Bank act under order from the Council.

12 International Bank for Reconstruction and Development. Second Annual Report 1946–1947 (Washington, 1947), p. 17Google Scholar.

13 New York Times, November 5, 1947, p. 43.

14 ibid;, October 14, 1947, p. 4.

15 For text of the agreement between the Bank and the United Nations, see this issue, p. 198.

16 Committee of European Cooperation, Volume I: General Report, (Washington, 1947), p. 54Google Scholar.