Abstract

The dollar crisis of August 1971 clearly constituted a threat to the Bretton Woods parity system, but it also challenged the most fundamental underpinning of the Bretton Woods order, the belief in a general and progressive liberalization of international trade and payments. The American action, and the manner of its implementation, appeared to herald a protectionist response to external imbalances. Within a few days, many of the discussions of the 1960s about the reserve problem had become obsolete. Instead, the new and urgent task lay in remaking an international monetary system so that countries could solve adjustment problems effectively and without embarking on trade measures that would harm the welfare of the world as a whole. The reform effort, which constitutes the subject of this chapter, proved extremely arduous. Only after a number of false starts, as well as very large external shocks and a proliferation of institutions attempting in their own way to deal with the growing international anarchy, could any durable reform results be achieved.

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