Latin America, UNCTAD, and the Postwar Trading System

Joseph L. Love

Chapter 3 in Economic Development in Latin America, 2010, pp 22-33 from Palgrave Macmillan

Abstract: Abstract The generation of Latin Americans who made policy in the 1930s had learned the bitter lesson of overdependence on commodity prices, and their representatives took the lead at Bretton Woods Conference of the United Nations to call for a trading system that would support prices at stable and remunerative levels. At the 1944 meeting, delegates from Chile, Cuba, Bolivia, Brazil, and Peru all presented resolutions to that effect (U.S. Department of State, 1948). Brazil even proposed a special conference on price stability in commodities. Chile and Iraq sponsored a declaration to “bring about orderly marketing of staple commodities at prices fair to producer and consumer.” (U.S. Department of State, 1948, p. 941) Yet Bretton Woods created a liberal international monetary and trading system, establishing the International Monetary Fund and the World Bank,1 and paying little heed to the Latin American concern about commodities.

Keywords: Trading System; United Nations Industrial Development Organization; International Economic Order; Common Fund; Commodity Agreement (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-29738-8_3

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DOI: 10.1057/9780230297388_3

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