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The Ascent of Globalisation$
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Harry Blustein

Print publication date: 2015

Print ISBN-13: 9781784992897

Published to University Press Scholarship Online: May 2016

DOI: 10.7228/manchester/9781784992897.001.0001

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date: 05 August 2021

Dawn over Bretton Woods

Dawn over Bretton Woods

(p.42) 3 Dawn over Bretton Woods
The Ascent of Globalisation

Harry Blutstein

Manchester University Press

The global economic order that emerged at the end of the Second World War was the work of two men: John Maynard Keynes and Harry Dexter White. This chapter describes the tense negotiations between them. Once they had agreed on a final package, however, they worked closely. At an international conference held in Bretton Woods, they convince delegates to create the IMF and World Bank. The ‘third leg’ of the Bretton Woods stool was to be the International Trade Organization (ITO). Negotiations between the main sponsors of the ITO ran into problems early. Will Clayton for the US and Sir Stafford Cripps for the UK, failed to come to an agreement before the Havana Conference, in which the ITO treaty was negotiated. When the resultant ITO charter failed to be ratified, the major trading powers agreed to the General Agreement on Tariffs and Trade (GATT), which saw limited liberalisation of trade. These institutions are the fundamental building blocks of the liberal economic order, designed to ‘make finance the servant, not the master of human desires.’

Keywords:   liberal economic order, John Maynard Keynes, Harry Dexter White, Bretton Woods, International Trade Organization, Will Clayton, Sir Stafford Cripps

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