Money Matters: An IMF Exhibit -- The Importance of Global Cooperation

System in Crisis (1959-1971)

Part 2 of 7


Conflict &
(1871 - 1944)

Destruction &

(1945 - 1958)
The System
in Crisis
(1959 - 1971)
the System

(1972 - 1981)
Debt &

(1981 - 1989)
Globalization and Integration
(1989 - 1999)

Decolonization and Development

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Uhuru (Freedom)

"Yesterday's dream is today's reality: we now have our Uhuru. We will guard Uhuru with all our might."

Jomo Kenyatta
Prime Minister of Kenya, 1964

The colonies and dominions once controlled by European nations gained their independence starting in 1947, with India and Pakistan. In 1957, Ghana (formerly the Gold Coast) was the first African colony to achieve independence. Others in Africa and Asia followed rapidly over the next few decades.

The euphoria of independence quickly gave way to the sobering reality of the obstacles ahead. For many developing countries, independence brought civil war and economic chaos. Most developed "dual economies" - the majority of their people continued to live in poverty, while some urban, industrial areas achieved rapid economic growth.

Malaya Freedom


"I am sure that every one of us will celebrate Independence Day with great joy. We are celebrating a victory. Yet it is essential that we remember even on that day that what we have won is the right to work for ourselves, the right to design and build our own future."

Julius K. Nyerere
President of Tanganyka (now Tanzania), 1962


A Growing Economy Needs Growing Liquidity

and Development

The Foreign Exchange Famine
The Dollar Glut The Incredible Shrinking Gold Supply Searching
for Solutions
Bretton Woods
System Collapses

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