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Reforming the International Financial System for Development$
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Jomo Kwame Sundaram

Print publication date: 2011

Print ISBN-13: 9780231157643

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231157643.001.0001

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Contemporary Reform of Global Financial Governance

Contemporary Reform of Global Financial Governance

Implications of and lessons from the past

Chapter:
(p.1) 1 Contemporary Reform of Global Financial Governance
Source:
Reforming the International Financial System for Development
Author(s):

Eric Helleiner

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231157643.003.0001

This chapter argues for more creative and ambitious thinking about international financial reform in light of the ongoing global financial crisis that began in 2007. The 1944 Bretton Woods conference involved genuine innovations in global financial governance designed to better regulate international financial markets, address global imbalances, and promote international development. The chapter cites important lessons that can be learned from the Bretton Woods experience by focusing on three sets of proposals introduced at the conference which were genuine innovations in international financial regulation: those designed to regulate international finance more tightly; those aimed at addressing global economic imbalances; and those promoting international development. It suggests that the three innovations could provide some inspiration for those searching for solutions to the crisis.

Keywords:   financial reform, financial crisis, Bretton Woods conference, financial governance, financial markets, international development, financial regulation, economic imbalances, international finance

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