the-need-of-the-hour-is-bretton-woods-ii

The need of the hour is Bretton Woods II

Global leaders, led by Gordon Brown and Nicolas Sarkozy, are pushing for a reform of the international financial system.

Mukul Munish

October 27, 2008

In 1944 in a small town called Bretton Woods, just a little beyond Mount Washington in the US state of New Hampshire, 44 leading Western nations met to map out the post-war financial system. The result of the agreement was the formation of three big global financial institutions û the International Monetary Fund IMF, the World Bank and the International Trade Organisation ITO.

At the closing plenary session of the conference, John Maynard Keynes, one of the principal architects of the agreement, commented ôWe have shown that a concourse of 44 nations are actually able to work together at a constructive task in amity and unbroken concord. Few believed it possible. If we...

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