 Back to Keynesianism: Reforming the IMFChapter 12 in North-South and South-South, 1992, pp 289-307 from Palgrave Macmillan Abstract: Abstract The 1944 Bretton Woods conference may be seen as an attempt to institutionalise at an international level the revolution in economic ideas brought about by John Maynard Keynes. Keynes believed that the prosperity of nations — in particular, their levels of production and employment — did not need to be the unplanned outcome of an uncoordinated and erratic system, but could be controlled by government. At a national level, this revolution in theory did not require new mechanisms and institutions, but rather new approaches to existing ones: adjustments had to be made in government spending and taxation and in central banks’ money creation and interest rate determination. But no mechanisms existed at the international level to perform these functions; there were no international counterparts to central banks or national budgets. In 1941, then, Keynes developed the idea of an International Clearing Union — a sort of world-level central bank. His plan provided the main basis for the Bretton Woods discussions. Keywords: Central Bank; International Monetary Fund; Latin American Country; Commodity Price; Fund Programme (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37594-9_12 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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