Zanimive povezave 02/04/2009

  • After World War II, the victors established a global economic order, the Bretton Woods system: Britain was represented by John Maynard Keynes, the US by Harry Dexter White. A core principle was constraints on capital. Governments were permitted to control capital flight, a principle that still is in the IMF rules, though ignored. And currencies were regulated within a narrow band. The motives were twofold. The first was economic: Keynes and White believed that these measures would stimulate economic growth and trade. The second was sociopolitical: both understood that unless governments are able to regulate capital, they will not be able to carry out social democratic (welfare state) measures.

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