Why White, Not Keynes? Inventing the Post-War International Monetary System

Author/Editor:

James M. Boughton

Publication Date:

March 1, 2002

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

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.

Series:

Working Paper No. 02/52

Subject:

English

Publication Date:

March 1, 2002

ISBN/ISSN:

9781451847260/1018-5941

Stock No:

WPIEA0522002

Format:

Paper

Pages:

25

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