From Bretton Woods and Keynes to 21st century crises: Is there a pilot on board?

De Bretton Woods y Keynes a las crisis del siglo XXI: ¿hay piloto a bordo?

Faruk Ülgen

Post-Print from HAL

Abstract: The Bretton Woods international monetary and financial system ruled the world economy for more than two decades and left a legacy of institutions and practices that are still widely used in international relations. After the end of the fixed exchange rate arrangements anchored on the convertibility of the dollar to gold in 1971, the world began to experience repeated monetary and financial crises of much greater magnitude and duration than those experienced in the two decades following World War II. Moreover, with each new crisis of global magnitude, it became customary to speak of a new international coordination/cooperation and, from the end of the 1990s, of a new Bretton Woods. This article provides a synthetic review of the evolution of the international monetary and financial system in light of the objectives of the Keynes Plan, whose revolutionary aspects had been discarded at Bretton Woods. It argues that this plan contains at least the seeds of an international coordination scheme that could offer avenues of reform to strengthen the stability of the monetary and financial system that constitutes the heart of capitalist economies.

Keywords: Bretton Woods; International monetary and financial system; International coordination/cooperation; Keynes Plan; plan de Keynes; sistema monetario y financiero internacional; coordinación/cooperación internacional (search for similar items in EconPapers)
Date: 2021-09-24
References: Add references at CitEc
Citations:

Published in Ola financiera, 2021, 14 (40), pp.80-107. ⟨10.22201/fe.18701442e.2021.40.80783⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-03355606

DOI: 10.22201/fe.18701442e.2021.40.80783

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().