petej + brettonwoods   7

Europe Forged in Crisis: The Emergence and Development of the EU
"Europe is at an impasse. Economic regulation now takes place at a European level, but the social contestation of economic issues is contained at an impotent national level. It seems most likely that European integration will continue to follow the path mapped out in this article for the foreseeable future. Despite this, one fact remains: all structures of governance rely on the passive consent of the governed. It is hard to see much hope for socialist change in Europe. But it is equally hard to see European’s passive consent lasting indefinitely."
Europe  history  economics  politics  EuropeanUnion  EU  WorldWarII  BrettonWoods  crisis  neoliberalism  Maastricht 
august 2015 by petej
Jamie Martin reviews ‘The Battle of Bretton Woods’ by Benn Steil · LRB 21 November 2013
"Bretton Woods was also a system designed to guarantee that one power, the US, would have a disproportionate say in dictating the rules by which the postwar world economy would be managed. The American dollar was enthroned as the global currency of reserve, and the Bretton Woods institutions built in such a way as to ensure the US would have the greatest say in how they operated. Keynes was right in Savannah in 1946 to worry that these bodies would come to function less as internationalist institutions than as tools for ensuring US dominance. But things didn’t play out exactly as he’d envisaged. It was only after the end of the Bretton Woods system in the 1970s that the IMF and World Bank took on the roles for which they’d become infamous by the century’s end – as strict enforcers of the harsh rules of a liberalised international economy directed from Washington. From this point on, states in receipt of IMF assistance were pressured to follow a standard set of disciplinary and liberalising policy prescriptions: remove capital controls and tariffs, privatise, deregulate, break up unions and rein in public debt. Neoliberal orthodoxies replaced the statist and Keynesian ideas which had originally governed these institutions."
book  review  history  politics  economics  UK  USA  IMF  WorldBank  KeynesJohnMaynard  Keynes  BrettonWoods  finance  trade  globalisation  LRB 
november 2013 by petej

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