30 July 2014
With the US and China locking each other out of the economic architecture that they have helped to design, the case for a New Bretton Woods has strengthened.
The Bretton Woods agreement, 70 years old this month, had established institutions to promote law and order in international economic relations: the IMF to promote macroeconomic stability, the GATT (and its successor, the WTO) to ensure an open trading environment, and the World Bank to provide development finance for poverty reduction.
The smooth operation of this rules-based global economic architecture led by the US contributed to the unprecedented economic growth and prosperity worldwide in the post-World War II period.
… Pradumna B. Rana is Associate Professor at the S. Rajaratnam School of International Studies (RSIS), Nanyang Technological University (NTU). He is also the coordinator of economic multilateralism and regionalism studies at the RSIS’ Centre for Multilateralism Studies.
CMS / GPO / RSIS / Online
Last updated on 31/07/2014