Why White, Not Keynes? Inventing the Post-War International Monetary System
IMF Working Papers, March 1, 2002
Source details
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- Why White, Not Keynes? Inventing the Post-War International Monetary System
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Bibliographic details
- Authors: James M. Boughton
- Published: March 1, 2002
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451847260.001
Summary
- The international monetary system is largely the product of negotiations during World War II between U.S. and U.K. officials, led respectively by Harry Dexter White and John Maynard Keynes.
- The design of the system, especially the International Monetary Fund, reflects the U.S. plan much more than the British.
- That outcome resulted not only from the superior economic position of the United States but also from differences between White's and Keynes's views on key issues.
- Examination of White's economic papers shows that he was more multilateral than Keynes and placed a higher priority on monetary discipline.
Major findings and analysis
- Negotiations during World War II between U.S. and U.K. officials determined the post-war international monetary system.
- The International Monetary Fund's design mirrors the U.S. plan to a significantly greater degree than the British plan.
- Factors explaining the U.S. outcome:
- Superior economic position of the United States.
- Differences in policy views between Harry Dexter White and John Maynard Keynes.
- Characterization of White's approach:
- More multilateral than Keynes.
- Higher priority on monetary discipline.
Subject and keywords
- Subject: Banking, Credit, Currencies, Gold, International monetary system
- Keywords: credit creation, currency, dollar, intimidating presence, multilateral concept, Ph.D. dissertation, WP
IMF Working Paper: "Why White, Not Keynes? Inventing the Post-War International Monetary System" by James M. Boughton (Working Paper No. 2002/052, March 1, 2002).
Content in this bundle
- Why White, Not Keynes? Inventing the Postwar International Monetary System - WP/02/52