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Reforming the International Financial System for Development
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Reforming the International Financial System for Development

Jomo Kwame Sundaram

Abstract

The 1944 Bretton Woods conference created new institutions for international economic governance. Though flawed, the system led to a golden age in postwar reconstruction, sustained economic growth, job creation, and postcolonial development. Yet financial liberalization since the 1970s has involved deregulation and globalization, which have exacerbated instability, rather than sustained growth. In addition, the failure of Bretton Woods to provide a reserve currency enabled the dollar to fill the void, which has contributed to periodic, massive U.S. trade deficits. The latest global financial c ... More

Keywords: financial crisis, Bretton Woods conference, international financial system, liquidity, emerging markets, food crisis, banking standards, capital flows, World Trade Organization

Bibliographic Information

Print publication date: 2011 Print ISBN-13: 9780231157643
Published to Columbia Scholarship Online: November 2015 DOI:10.7312/columbia/9780231157643.001.0001

Authors

Affiliations are at time of print publication.

Jomo Kwame Sundaram, editor

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