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href="#History_of_modern_global_monetary_orders"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>History of modern global monetary orders</span> </div> </a> <button aria-controls="toc-History_of_modern_global_monetary_orders-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle History of modern global monetary orders subsection</span> </button> <ul id="toc-History_of_modern_global_monetary_orders-sublist" class="vector-toc-list"> <li id="toc-The_pre-WWI_financial_order:_1816–1919" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#The_pre-WWI_financial_order:_1816–1919"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>The pre-WWI financial order: 1816–1919</span> </div> </a> <ul id="toc-The_pre-WWI_financial_order:_1816–1919-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Between_the_World_Wars:_1919–1939" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Between_the_World_Wars:_1919–1939"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Between the World Wars: 1919–1939</span> </div> </a> <ul id="toc-Between_the_World_Wars:_1919–1939-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-The_Bretton_Woods_Era:_1944–1973" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#The_Bretton_Woods_Era:_1944–1973"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>The Bretton Woods Era: 1944–1973</span> </div> </a> <ul id="toc-The_Bretton_Woods_Era:_1944–1973-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-The_post_Bretton_Woods_system:_1973–present" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#The_post_Bretton_Woods_system:_1973–present"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>The post Bretton Woods system: 1973–present</span> </div> </a> <ul id="toc-The_post_Bretton_Woods_system:_1973–present-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Calls_for_a_"New_Bretton_Woods"" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Calls_for_a_"New_Bretton_Woods""> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Calls for a "New Bretton Woods"</span> </div> </a> <ul id="toc-Calls_for_a_"New_Bretton_Woods"-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" 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interwiki-ba mw-list-item"><a href="https://ba.wikipedia.org/wiki/%D0%A5%D0%B0%D0%BB%D1%8B%D2%A1-%D0%B0%D1%80%D0%B0_%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D0%B0_%D1%81%D0%B8%D1%81%D1%82%D0%B5%D0%BC%D0%B0%D2%BB%D1%8B" title="Халыҡ-ара валюта системаһы – Bashkir" lang="ba" hreflang="ba" data-title="Халыҡ-ара валюта системаһы" data-language-autonym="Башҡортса" data-language-local-name="Bashkir" class="interlanguage-link-target"><span>Башҡортса</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Sistema_monetari_internacional" title="Sistema monetari internacional – Catalan" lang="ca" hreflang="ca" data-title="Sistema monetari internacional" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Sistema_monetario_internacional" title="Sistema monetario internacional – Spanish" lang="es" hreflang="es" data-title="Sistema monetario internacional" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Nazioarteko_Diru_Sistema" title="Nazioarteko Diru Sistema – Basque" lang="eu" hreflang="eu" data-title="Nazioarteko Diru Sistema" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B3%D8%A7%D9%85%D8%A7%D9%86%D9%87%E2%80%8C%D9%87%D8%A7%DB%8C_%D9%BE%D9%88%D9%84%DB%8C_%D8%A8%DB%8C%D9%86%E2%80%8C%D8%A7%D9%84%D9%85%D9%84%D9%84%DB%8C" title="سامانه‌های پولی بین‌المللی – Persian" lang="fa" hreflang="fa" data-title="سامانه‌های پولی بین‌المللی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Syst%C3%A8me_mon%C3%A9taire_international" title="Système monétaire international – French" lang="fr" hreflang="fr" data-title="Système monétaire international" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EA%B5%AD%EC%A0%9C%ED%86%B5%ED%99%94%EC%A0%9C%EB%8F%84" title="국제통화제도 – Korean" lang="ko" hreflang="ko" data-title="국제통화제도" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%B1%D6%80%D5%BF%D5%A1%D6%80%D5%AA%D5%B8%D6%82%D5%B5%D5%A9%D5%A1%D5%B5%D5%AB%D5%B6_%D5%B0%D5%A1%D5%B4%D5%A1%D5%AF%D5%A1%D6%80%D5%A3" title="Արտարժույթային համակարգ – Armenian" lang="hy" hreflang="hy" data-title="Արտարժույթային համակարգ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D3%98%D0%BB%D0%B5%D0%BC%D0%B4%D1%96%D0%BA_%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D0%B0_%D0%B6%D2%AF%D0%B9%D0%B5%D1%81%D1%96" title="Әлемдік валюта жүйесі – Kazakh" lang="kk" hreflang="kk" data-title="Әлемдік валюта жүйесі" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-ky mw-list-item"><a href="https://ky.wikipedia.org/wiki/%D0%92%D0%B0%D0%BB%D1%8E%D1%82%D0%B0_%D1%81%D0%B8%D1%81%D1%82%D0%B5%D0%BC%D0%B0%D1%81%D1%8B" title="Валюта системасы – Kyrgyz" lang="ky" hreflang="ky" data-title="Валюта системасы" data-language-autonym="Кыргызча" data-language-local-name="Kyrgyz" class="interlanguage-link-target"><span>Кыргызча</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Valyuta_tizimi" title="Valyuta tizimi – Uzbek" lang="uz" hreflang="uz" data-title="Valyuta tizimi" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Mi%C4%99dzynarodowy_system_walutowy" title="Międzynarodowy system walutowy – Polish" lang="pl" hreflang="pl" data-title="Międzynarodowy system walutowy" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Sistema_Monet%C3%A1rio_Internacional" title="Sistema Monetário Internacional – Portuguese" lang="pt" hreflang="pt" data-title="Sistema Monetário Internacional" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Sistem_monetar_interna%C8%9Bional" title="Sistem monetar internațional – Romanian" lang="ro" hreflang="ro" data-title="Sistem monetar internațional" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9C%D0%B5%D0%B6%D0%B4%D1%83%D0%BD%D0%B0%D1%80%D0%BE%D0%B4%D0%BD%D0%B0%D1%8F_%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D0%BD%D0%B0%D1%8F_%D1%81%D0%B8%D1%81%D1%82%D0%B5%D0%BC%D0%B0" title="Международная валютная система – Russian" lang="ru" hreflang="ru" data-title="Международная валютная система" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%9C%D1%96%D0%B6%D0%BD%D0%B0%D1%80%D0%BE%D0%B4%D0%BD%D0%B0_%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D0%BD%D0%B0_%D1%81%D0%B8%D1%81%D1%82%D0%B5%D0%BC%D0%B0" title="Міжнародна валютна система – Ukrainian" lang="uk" hreflang="uk" data-title="Міжнародна валютна система" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-zh 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searchaux" style="display:none">Global arrangements on currency matters</div> <p>An <b>international monetary system</b> is a set of internationally agreed rules, conventions and supporting institutions that facilitate <a href="/wiki/International_trade" title="International trade">international trade</a>, <a href="/wiki/Foreign_direct_investment" title="Foreign direct investment">cross border investment</a> and generally the <a href="/wiki/Redistribution_(economics)" class="mw-redirect" title="Redistribution (economics)">reallocation of capital</a> between states that have different currencies.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> It should provide means of payment acceptable to buyers and sellers of different nationalities, including deferred payment. To operate successfully, it needs to inspire confidence, to provide sufficient <a href="/wiki/Liquidity" title="Liquidity">liquidity</a> for fluctuating levels of trade, and to provide means by which global imbalances can be corrected. The system can grow organically as the collective result of numerous individual agreements between international economic factors spread over several decades. Alternatively, it can arise from a single architectural vision, as happened at <a href="/wiki/United_Nations_Monetary_and_Financial_Conference" class="mw-redirect" title="United Nations Monetary and Financial Conference">Bretton Woods</a> in 1944. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Historical_overview">Historical overview</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_monetary_system&action=edit&section=1" title="Edit section: Historical overview"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Reserve_currency" title="Reserve currency">Reserve currency</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:International_money_montage.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/7d/International_money_montage.jpg/220px-International_money_montage.jpg" decoding="async" width="220" height="220" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/7d/International_money_montage.jpg/330px-International_money_montage.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/7/7d/International_money_montage.jpg 2x" data-file-width="400" data-file-height="400" /></a><figcaption> Historic international currencies. From top left: crystalline <a href="/wiki/Gold" title="Gold">gold</a>, a 5th-century BCE <a href="/wiki/Persian_daric" class="mw-redirect" title="Persian daric">Persian daric</a>, an 8th-century English <a href="/wiki/Mancus" title="Mancus">mancus</a>, and an 18th-century <a href="/wiki/Spanish_real" title="Spanish real">Spanish real</a>.</figcaption></figure> <p>Throughout history, precious metals such as <a href="/wiki/Gold" title="Gold">gold</a> and <a href="/wiki/Silver" title="Silver">silver</a> have been used for trade, sometimes in the form of <a href="/wiki/Bullion" title="Bullion">bullion</a>, and from early history the coins of various issuers – generally kingdoms and empires – have been traded. The earliest known records of pre-coinage use of precious metals for monetary exchange are from Mesopotamia and Egypt, dating from the third millennium BC.<sup id="cite_ref-money_a_history_2-0" class="reference"><a href="#cite_note-money_a_history-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Early money took many forms, apart from bullion; for instance bronze <a href="/wiki/Spade_money" title="Spade money">spade money</a> which became common in <a href="/wiki/Zhou_dynasty" title="Zhou dynasty">Zhou dynasty</a> China in the late 7th century BC. At that time, forms of money were also developed in <a href="/wiki/Lydia" title="Lydia">Lydia</a> in <a href="/wiki/Asia_Minor" class="mw-redirect" title="Asia Minor">Asia Minor</a>, from where its use spread to nearby Greek cities and later to many other places.<sup id="cite_ref-money_a_history_2-1" class="reference"><a href="#cite_note-money_a_history-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>Sometimes formal <a href="/wiki/Monetary_system" title="Monetary system">monetary systems</a> have been imposed by regional rulers. For example, scholars have tentatively suggested that the Roman king <a href="/wiki/Servius_Tullius" title="Servius Tullius">Servius Tullius</a> created a primitive monetary system in the early history of <a href="/wiki/Ancient_Rome" title="Ancient Rome">Rome</a>. Tullius reigned in the sixth century BC – several centuries before Rome is believed to have developed a formal coinage system.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>As with bullion, early use of coinage is believed to have been generally the preserve of the elite. But by about the 4th century BC coins were widely used in Greek cities. They were generally supported by the city state authorities, who endeavoured to ensure they retained their values regardless of fluctuations in the availability of whatever base or precious metals they were made from.<sup id="cite_ref-money_a_history_2-2" class="reference"><a href="#cite_note-money_a_history-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> From Greece the use of coins spread slowly westwards throughout Europe, and eastwards to India. Coins were in use in India from about 400 BC; initially they played a greater role in religion than in trade, but by the 2nd century they had become central to commercial transactions.<sup id="cite_ref-money_a_history_2-3" class="reference"><a href="#cite_note-money_a_history-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Monetary systems that were developed in India were so successful that they spread through parts of Asia well into the Middle Ages.<sup id="cite_ref-money_a_history_2-4" class="reference"><a href="#cite_note-money_a_history-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>As a variety of coins became common within a region, they were exchanged by <a href="/wiki/Moneychanger" class="mw-redirect" title="Moneychanger">moneychangers</a>, the predecessors of today's <a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">foreign exchange market</a>, as mentioned in the Biblical story of <a href="/wiki/Jesus_and_the_money_changers" class="mw-redirect" title="Jesus and the money changers">Jesus and the money changers</a>. In Venice and the other Italian city states of the early Middle Ages, money changers would often have to struggle to perform calculations involving six or more currencies. This partly led to <a href="/wiki/Fibonacci" title="Fibonacci">Fibonacci</a> writing his <a href="/wiki/Liber_Abaci" title="Liber Abaci">Liber Abaci</a> which popularised the use of <a href="/wiki/Arabic_numerals" title="Arabic numerals">Indo-Arabic numerals</a>, which displaced the more difficult Roman numerals then in use by western merchants.<sup id="cite_ref-Ascent_4-0" class="reference"><a href="#cite_note-Ascent-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>When a given nation or empire has achieved regional <a href="/wiki/Hegemony" title="Hegemony">hegemony</a>, its currency has been a basis for international trade, and hence for a <i>de facto</i> monetary system. In the West – Europe and the Middle East – an early such coin was the <a href="/wiki/Persian_daric" class="mw-redirect" title="Persian daric">Persian daric</a>. This was succeeded by <a href="/wiki/Roman_currency" title="Roman currency">Roman currency</a> of the <a href="/wiki/Roman_Empire" title="Roman Empire">Roman Empire</a>, such as the <a href="/wiki/Denarius" title="Denarius">denarius</a>, then the <a href="/wiki/Gold_Dinar" class="mw-redirect" title="Gold Dinar">gold dinar</a> of the <a href="/wiki/Ottoman_Empire" title="Ottoman Empire">Ottoman Empire</a>, and later – from the 16th to 20th centuries, during the <a href="/wiki/Age_of_Imperialism" class="mw-redirect" title="Age of Imperialism">Age of Imperialism</a> – by the currency of European colonial powers: the <a href="/wiki/Spanish_dollar" title="Spanish dollar">Spanish dollar</a>, the <a href="/wiki/Dutch_guilder" title="Dutch guilder">Dutch guilder</a>, the <a href="/wiki/French_franc" title="French franc">French franc</a> and the <a href="/wiki/British_pound_sterling" class="mw-redirect" title="British pound sterling">British pound sterling</a>; at times one currency has been pre-eminent, at times no one dominated. With the growth of American power, the <a href="/wiki/US_dollar" class="mw-redirect" title="US dollar">US dollar</a> became the basis for the international monetary system, formalised in the <a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods</a> agreement that established the post–World War II monetary order, with fixed exchange rates of other currencies to the dollar, and <a href="/wiki/Convertibility" title="Convertibility">convertibility</a> of the dollar into gold. The Bretton Woods system broke down, culminating in the <a href="/wiki/Nixon_shock" title="Nixon shock">Nixon shock</a> of 1971, ending convertibility; but the US dollar has remained the <i>de facto</i> basis of the world monetary system, though no longer <i>de jure</i>, with various European currencies and the <a href="/wiki/Japanese_yen" title="Japanese yen">Japanese yen</a> also being prominent in foreign exchange markets. Since the formation of the <a href="/wiki/Euro" title="Euro">euro</a>, the euro has also gained use as a <a href="/wiki/Reserve_currency" title="Reserve currency">reserve currency</a> and a medium of transactions, though the dollar has remained the most important currency. </p><p>A dominant currency may be used directly or indirectly by other nations: for example, English kings minted the gold <a href="/wiki/Mancus" title="Mancus">mancus</a>, presumably to function as dinars to exchange with <a href="/wiki/Islamic_Spain" class="mw-redirect" title="Islamic Spain">Islamic Spain</a>; colonial powers sometimes minted coins that resembled those already used in a distant territory; and more recently, a number of nations have used the US dollar as their local currency, a custom called <a href="/wiki/Dollarization" class="mw-redirect" title="Dollarization">dollarization</a>. </p><p>Until the 19th century, the global monetary system was loosely linked at best, with Europe, the Americas, India and China (among others) having largely separate economies, and hence monetary systems were regional. <a href="/wiki/European_colonization_of_the_Americas" title="European colonization of the Americas">European colonization of the Americas</a>, starting with the Spanish empire, led to the integration of American and European economies and monetary systems, and European colonization of Asia led to the dominance of European currencies, notably the British pound sterling in the 19th century, succeeded by the US dollar in the 20th century. Some, such as <a href="/wiki/Michael_Hudson_(economist)" title="Michael Hudson (economist)">Michael Hudson</a>, foresee the decline of a single base for the global monetary system, and the emergence instead of regional <a href="/wiki/Trade_bloc" title="Trade bloc">trade blocs</a>; he cites the emergence of the euro as an example. See also <a href="/wiki/Global_financial_system" title="Global financial system">global financial systems</a>, <a href="/wiki/World-systems_approach" class="mw-redirect" title="World-systems approach">world-systems approach</a> and <a href="/wiki/Polarity_in_international_relations" class="mw-redirect" title="Polarity in international relations">polarity in international relations</a>. It was in the later half of the 19th century that a monetary system with close to universal global participation emerged, based on the gold standard. </p> <div class="mw-heading mw-heading2"><h2 id="History_of_modern_global_monetary_orders">History of modern global monetary orders</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_monetary_system&action=edit&section=2" title="Edit section: History of modern global monetary orders"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>According to J. Lawrence Broz and <a href="/wiki/Jeffry_Frieden" title="Jeffry Frieden">Jeffry A. Frieden</a>, the sustainability of international monetary cooperation has tended to be affected by:<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <ol><li>A shared interest in currency stability</li> <li>Interlinkages to other important issues</li> <li>The presence of institutions that formalize the international monetary cooperation</li> <li>The number of actors involved, in particular whether one or a few powerful states are willing to take the lead in managing international monetary affairs</li> <li>Macroeconomic conditions (during economic downturns, states are incentivized to defect from international monetary cooperation)</li></ol> <div class="mw-heading mw-heading3"><h3 id="The_pre-WWI_financial_order:_1816–1919"><span id="The_pre-WWI_financial_order:_1816.E2.80.931919"></span>The pre-WWI financial order: 1816–1919</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_monetary_system&action=edit&section=3" title="Edit section: The pre-WWI financial order: 1816–1919"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Gold_Standard#Establishment_of_the_international_gold_standard" class="mw-redirect" title="Gold Standard">Gold Standard § Establishment of the international gold standard</a></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Sovereign_Victoria_1842_662015.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e0/Sovereign_Victoria_1842_662015.jpg/220px-Sovereign_Victoria_1842_662015.jpg" decoding="async" width="220" height="111" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/e/e0/Sovereign_Victoria_1842_662015.jpg 1.5x" data-file-width="325" data-file-height="164" /></a><figcaption>The <a href="/wiki/Gold_sovereign" class="mw-redirect" title="Gold sovereign">British gold sovereign</a> or £1 coin was the preeminent circulating gold coin during the classical <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a> period. of 1816 to 1914</figcaption></figure> <p>From the 1816 to the outbreak of World War I in 1914, the world benefited from a well-integrated financial order, sometimes known as the "first age of globalisation".<sup id="cite_ref-GPE_6-0" class="reference"><a href="#cite_note-GPE-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> There were monetary unions which enabled member countries to accept each other's currencies as legal tender. Such unions included the <a href="/wiki/Latin_Monetary_Union" title="Latin Monetary Union">Latin Monetary Union</a> (Belgium, Italy, Switzerland, France) and the <a href="/wiki/Scandinavian_monetary_union" class="mw-redirect" title="Scandinavian monetary union">Scandinavian monetary union</a> (Denmark, Norway and Sweden). In the absence of shared membership of a union, transactions were facilitated by widespread participation in the <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a>, by both independent nations and their colonies. Great Britain was at the time the world's pre-eminent financial, imperial, and industrial power, ruling more of the world and exporting more capital as a percentage of her national income than any other creditor nation has since.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>While capital controls comparable to the Bretton Woods system were not in place, damaging capital flows were far less common than they were to be in the post 1971 era. In fact Great Britain's capital exports helped to correct global imbalances as they tended to be <a href="/wiki/Procyclical_and_countercyclical_variables" title="Procyclical and countercyclical variables">counter-cyclical</a>, rising when Britain's economy went into recession, thus compensating other states for income lost from export of goods.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> Accordingly, this era saw mostly steady growth and a relatively low level of financial crises. In contrast to the Bretton Woods system, the pre–World War I financial order was not created at a single high level conference; rather it evolved organically in a series of discrete steps. The <a href="/wiki/Gilded_Age" title="Gilded Age">Gilded Age</a>, a time of especially rapid development in North America, falls into this period. </p> <div class="mw-heading mw-heading3"><h3 id="Between_the_World_Wars:_1919–1939"><span id="Between_the_World_Wars:_1919.E2.80.931939"></span>Between the World Wars: 1919–1939</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_monetary_system&action=edit&section=4" title="Edit section: Between the World Wars: 1919–1939"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Lange-MigrantMother02.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/54/Lange-MigrantMother02.jpg/220px-Lange-MigrantMother02.jpg" decoding="async" width="220" height="286" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/54/Lange-MigrantMother02.jpg/330px-Lange-MigrantMother02.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/54/Lange-MigrantMother02.jpg/440px-Lange-MigrantMother02.jpg 2x" data-file-width="6205" data-file-height="8066" /></a><figcaption>This era saw periods of worldwide economic hardship. The image is <a href="/wiki/Dorothea_Lange" title="Dorothea Lange">Dorothea Lange</a>'s <i><a href="/wiki/Migrant_Mother" title="Migrant Mother">Migrant Mother</a></i> depiction of destitute <a href="/wiki/Pea-pickers" title="Pea-pickers">pea-pickers</a> in <a href="/wiki/California" title="California">California</a>, taken in March 1936.</figcaption></figure> <p>The years between the world wars have been described as a period of "de-globalisation", as both international trade and capital flows shrank compared to the period before World War I. During World War I, countries had abandoned the gold standard. Except for the United States, they later returned to it only briefly. By the early 1930s, the prevailing order was essentially a fragmented system of <a href="/wiki/Floating_exchange_rate" title="Floating exchange rate">floating exchange rates</a>.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> In this era, the experience of Great Britain and others was that the gold standard ran counter to the need to retain domestic policy autonomy. To protect their reserves of gold, countries would sometimes need to raise interest rates and generally follow a deflationary policy. The greatest need for this could arise in a downturn, just when leaders would have preferred to lower rates to encourage growth. Economist Nicholas Davenport<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> had even argued that the wish to return Britain to the gold standard "sprang from a sadistic desire by the Bankers to inflict pain on the British working class". </p><p>By the end of World War I, Great Britain was heavily indebted to the United States, allowing the US to largely displace it as the world's foremost financial power. The United States, however, was reluctant to assume Great Britain's leadership role, partly due to isolationist influences and a focus on domestic concerns. In contrast to Great Britain in the previous era, capital exports from the US were not countercyclical. They expanded rapidly with the United States' economic growth in the 1920s until 1928, but then almost completely halted as the US economy began slowing in that year. As the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> intensified in 1930, financial institutions were hit hard along with trade; in 1930 alone, 1345 US banks collapsed.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> During the 1930s, the United States raised trade barriers, refused to act as an international <a href="/wiki/Lender_of_last_resort" title="Lender of last resort">lender of last resort</a>, and refused calls to cancel war debts, all of which further aggravated economic hardship for other countries. According to economist <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a>, another factor contributing to the turbulent economic performance of this era was the insistence of French premier <a href="/wiki/Georges_Clemenceau" title="Georges Clemenceau">Clemenceau</a> that Germany pay <a href="/wiki/World_War_I_reparations" title="World War I reparations">war reparations</a> at too high a level, which Keynes described in his book <a href="/wiki/The_Economic_Consequences_of_the_Peace" title="The Economic Consequences of the Peace">The Economic Consequences of the Peace</a>. </p> <div class="mw-heading mw-heading3"><h3 id="The_Bretton_Woods_Era:_1944–1973"><span id="The_Bretton_Woods_Era:_1944.E2.80.931973"></span>The Bretton Woods Era: 1944–1973</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_monetary_system&action=edit&section=5" title="Edit section: The Bretton Woods Era: 1944–1973"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:WhiteandKeynes.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/04/WhiteandKeynes.jpg/220px-WhiteandKeynes.jpg" decoding="async" width="220" height="277" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/04/WhiteandKeynes.jpg/330px-WhiteandKeynes.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/04/WhiteandKeynes.jpg/440px-WhiteandKeynes.jpg 2x" data-file-width="500" data-file-height="630" /></a><figcaption><a href="/wiki/Harry_Dexter_White" title="Harry Dexter White">Harry Dexter White</a> (left) and <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> (right) at <a href="/wiki/Bretton_Woods_Conference" title="Bretton Woods Conference">Bretton Woods</a></figcaption></figure> <p>British and American policy makers began to plan the post-war international monetary system in the early 1940s. The objective was to create an order that combined the benefits of an integrated and relatively liberal international system with the freedom for governments to pursue domestic policies aimed at promoting full employment and social wellbeing.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> The principal architects of the new system, John Maynard Keynes and <a href="/wiki/Harry_Dexter_White" title="Harry Dexter White">Harry Dexter White</a>, created a plan which was endorsed by the 42 countries attending the 1944 <a href="/wiki/United_Nations_Monetary_and_Financial_Conference" class="mw-redirect" title="United Nations Monetary and Financial Conference">Bretton Woods conference</a>, formally known as the <a href="/wiki/United_Nations" title="United Nations">United Nations</a> Monetary and Financial Conference. The plan involved nations agreeing to a system of fixed but adjustable<sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="The text near this tag may need clarification or removal of jargon. (August 2018)">clarification needed</span></a></i>]</sup> exchange rates so that the currencies were pegged against the dollar, with the dollar itself convertible into gold. So in effect this was a gold – dollar exchange standard. There were a number of improvements on the old gold standard. Two international institutions, the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> (IMF) and the <a href="/wiki/World_Bank" title="World Bank">World Bank</a> were created. A key part of their function was to replace private finance as a more reliable source of lending for investment projects in developing states. At the time the soon to be defeated powers of Germany and Japan were envisaged as states soon to be in need of such development, and there was a desire from both the US and Britain not to see the defeated powers saddled with punitive sanctions that would inflict lasting pain on future generations. The new exchange rate system allowed countries facing economic hardship to devalue their currencies by up to 10% against the dollar (more if approved by the IMF) – thus they would not be forced to undergo deflation to stay in the gold standard. A system of capital controls was introduced to protect countries from the damaging effects of capital flight and to allow countries to pursue independent macro economic policies<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> while still welcoming flows intended for productive investment. Keynes had argued against the dollar having such a central role in the monetary system, and suggested an international currency called <a href="/wiki/Bancor" title="Bancor">bancor</a> be used instead, but he was overruled by the Americans. Towards the end of the Bretton Woods era, the central role of the dollar became a problem as international demand eventually forced the US to run a persistent <a href="/wiki/Trade_deficit" class="mw-redirect" title="Trade deficit">trade deficit</a>, which undermined confidence in the dollar. This, together with the emergence of a parallel market for gold in which the price soared above the official US mandated price, led to speculators running down the US gold reserves. Even when convertibility was restricted to nations only, some, notably France,<sup id="cite_ref-Copeland_15-0" class="reference"><a href="#cite_note-Copeland-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> continued building up hoards of gold at the expense of the US. Eventually these pressures caused <a href="/wiki/Richard_Nixon" title="Richard Nixon">President Nixon</a> to end all convertibility into gold on 15 August 1971. This event marked the effective end of the Bretton Woods system; attempts were made to find other mechanisms to preserve the fixed exchange rates over the next few years, but they were not successful, resulting in a system of floating exchange rates.<sup id="cite_ref-Copeland_15-1" class="reference"><a href="#cite_note-Copeland-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="The_post_Bretton_Woods_system:_1973–present"><span id="The_post_Bretton_Woods_system:_1973.E2.80.93present"></span>The post Bretton Woods system: 1973–present</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_monetary_system&action=edit&section=6" title="Edit section: The post Bretton Woods system: 1973–present"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Washington_Consensus" title="Washington Consensus">Washington Consensus</a></div> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:NYC_NYSE.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/NYC_NYSE.jpg/220px-NYC_NYSE.jpg" decoding="async" width="220" height="258" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/NYC_NYSE.jpg/330px-NYC_NYSE.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/99/NYC_NYSE.jpg/440px-NYC_NYSE.jpg 2x" data-file-width="2524" data-file-height="2958" /></a><figcaption>The <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a>. The current era has seen huge and turbulent flows of capital between nations.</figcaption></figure> <p>An alternative name for the post Bretton Woods system is the <b>Washington Consensus</b>. While the name was coined in 1989, the associated economic system came into effect years earlier: according to economic historian <a href="/wiki/Robert_Skidelsky" title="Robert Skidelsky">Lord Skidelsky</a> the <i>Washington Consensus</i> is generally seen as spanning 1980–2009 (the latter half of the 1970s being a transitional period).<sup id="cite_ref-return_16-0" class="reference"><a href="#cite_note-return-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> The transition away from Bretton Woods was marked by a <a href="/wiki/Post-war_displacement_of_Keynesianism" title="Post-war displacement of Keynesianism">switch</a> from a state led to a market led system.<sup id="cite_ref-GPE_6-1" class="reference"><a href="#cite_note-GPE-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> The Bretton Wood system is considered by economic historians to have broken down in the 1970s:<sup id="cite_ref-return_16-1" class="reference"><a href="#cite_note-return-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> crucial events being <a href="/wiki/Richard_Nixon#Economy" title="Richard Nixon">Nixon suspending the dollar's convertibility into gold</a> in 1971, the United States' abandonment of <a href="/wiki/Capital_control" title="Capital control">capital controls</a> in 1974, and the UK's ending of capital controls in 1979 which was swiftly copied by most other major economies. </p><p>In some parts of the developing world, liberalisation brought significant benefits for large sections of the population – most prominently with <a href="/wiki/Deng_Xiaoping" title="Deng Xiaoping">Deng Xiaoping</a>'s <a href="/wiki/Economic_reforms_in_China" class="mw-redirect" title="Economic reforms in China">reforms in China</a> since 1978 and the liberalisation of India after its <a href="/wiki/1991_India_economic_crisis" class="mw-redirect" title="1991 India economic crisis">1991 crisis</a>. </p><p>Generally the industrial nations experienced much slower growth and higher unemployment than in the previous era, and according to economist Gordon Fletcher in retrospect the 1950s and 60s when the Bretton Woods system was operating came to be seen as a <a href="/wiki/Golden_Age_of_Capitalism" class="mw-redirect" title="Golden Age of Capitalism">golden age</a>.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> Financial crises have been more intense and have increased in frequency by about 300% – with the damaging effects prior to 2008 being chiefly felt in the emerging economies. On the positive side, at least until 2008 investors have frequently achieved very high rates of return, with salaries and bonuses in the financial sector reaching record levels. </p> <div class="mw-heading mw-heading2"><h2 id="Calls_for_a_"New_Bretton_Woods""><span id="Calls_for_a_.22New_Bretton_Woods.22"></span>Calls for a "New Bretton Woods"</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_monetary_system&action=edit&section=7" title="Edit section: Calls for a "New Bretton Woods""><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <table class="wikitable" style="font-size:85%; text-align:center;" align="right"> <caption><b>Competing ideas for the next international monetary system</b> </caption> <tbody><tr bgcolor="background:#eee;"> <th>System</th> <th>Reserve assets</th> <th>Leaders </th></tr> <tr> <td><a href="/wiki/Exchange_rate_regime" title="Exchange rate regime">Flexible exchange rates</a><sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup></td> <td><a href="/wiki/United_States_dollar" title="United States dollar">Dollar</a>, <a href="/wiki/Euro" title="Euro">euro</a>, <a href="/wiki/Renminbi" title="Renminbi">renminbi</a></td> <td><a href="/wiki/United_States" title="United States">US</a>, <a href="/wiki/Eurozone" title="Eurozone">Eurozone</a>, <a href="/wiki/People%27s_Republic_of_China" class="mw-redirect" title="People's Republic of China">China</a> </td></tr> <tr> <td><a href="/wiki/Special_drawing_rights" title="Special drawing rights">Special drawing rights standard</a><sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup></td> <td><a href="/wiki/Special_drawing_rights" title="Special drawing rights">SDR</a></td> <td><a href="/wiki/United_States" title="United States">US</a>, <a href="/wiki/G-20_major_economies" class="mw-redirect" title="G-20 major economies">G-20</a>, <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">IMF</a> </td></tr> <tr> <td><a href="/wiki/Gold_standard" title="Gold standard">Gold standard</a><sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup></td> <td><a href="/wiki/Gold" title="Gold">Gold</a>, <a href="/wiki/United_States_dollar" title="United States dollar">dollar</a></td> <td><a href="/wiki/United_States" title="United States">US</a> </td></tr> <tr> <td><a href="/wiki/2012_BRICS_summit" class="mw-redirect" title="2012 BRICS summit">Delhi Declaration</a><sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup></td> <td><a href="/wiki/Currency_basket" title="Currency basket">Currency basket</a></td> <td><a href="/wiki/BRICS" title="BRICS">BRICS</a> </td></tr></tbody></table> <p>Leading financial journalist <a href="/wiki/Martin_Wolf" title="Martin Wolf">Martin Wolf</a> has reported that all financial crises since 1971 have been preceded by large <a href="/wiki/Capital_account" title="Capital account">capital inflows</a> into affected regions. While ever since the seventies there have been numerous calls from the <a href="/wiki/Global_justice_movement" title="Global justice movement">global justice movement</a> for a revamped international system to tackle the problem of unfettered capital flows, it was not until late 2008 that this idea began to receive substantial support from leading politicians. On September 26, 2008, <a href="/wiki/Nicolas_Sarkozy" title="Nicolas Sarkozy">French President Nicolas Sarkozy</a>, then also the <a href="/wiki/President_of_the_European_Union" title="President of the European Union">President of the European Union</a>, said, "We must rethink the financial system from scratch, as at Bretton Woods."<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p> On October 13, 2008, British Prime Minister <a href="/wiki/Gordon_Brown" title="Gordon Brown">Gordon Brown</a> said world leaders must meet to agree to a new economic system: <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style></p><blockquote class="templatequote"><p>We must have a new Bretton Woods, building a new international financial architecture for the years ahead.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>However, Brown's approach was quite different from the original <a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a>, emphasising the continuation of <a href="/wiki/Globalization" title="Globalization">globalization</a> and <a href="/wiki/Free_trade" title="Free trade">free trade</a> as opposed to a return to fixed exchange rates.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p><p>There were tensions between Brown and Sarkozy, the latter of whom argued that the "Anglo-Saxon" model of unrestrained markets had failed.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> However European leaders were united in calling for a "Bretton Woods II" summit to redesign the world's financial architecture.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Cumbre_de_Washington.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e7/Cumbre_de_Washington.jpg/250px-Cumbre_de_Washington.jpg" decoding="async" width="250" height="128" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e7/Cumbre_de_Washington.jpg/375px-Cumbre_de_Washington.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e7/Cumbre_de_Washington.jpg/500px-Cumbre_de_Washington.jpg 2x" data-file-width="2300" data-file-height="1176" /></a><figcaption>G-20 leaders at <a href="/wiki/2008_G-20_Washington_summit" class="mw-redirect" title="2008 G-20 Washington summit">Summit on Financial Markets and the World Economy</a>.</figcaption></figure> <p>President Bush was agreeable to the calls, and the resulting meeting was the <a href="/wiki/2008_G-20_Washington_summit" class="mw-redirect" title="2008 G-20 Washington summit">2008 G-20 Washington summit</a>. International agreement was achieved for the common adoption of Keynesian fiscal stimulus,<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> an area where the US and China were to emerge as the world's leading actors.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> Yet there was no substantial progress towards reforming the international financial system, and nor was there at the 2009 meeting of the World Economic Forum at Davos.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p><p>Despite this lack of results leaders continued to campaign for <i>Bretton Woods II</i>. <a href="/wiki/Italy" title="Italy">Italian</a> Economics Minister <a href="/wiki/Giulio_Tremonti" title="Giulio Tremonti">Giulio Tremonti</a> said that Italy would use its 2009 <a href="/wiki/G7" title="G7">G7</a> chairmanship to push for a "New Bretton Woods". He had been critical of the U.S. response to the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a>, and had suggested that the dollar may be superseded as the base currency of the Bretton Woods system.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Instituto_del_Tercer_Mundo#Choike" title="Instituto del Tercer Mundo">Choike</a>, a portal organisation representing Southern Hemisphere <a href="/wiki/NGO" class="mw-redirect" title="NGO">NGOs</a>, called for the establishment of "international permanent and binding mechanisms of control over capital flows" and as of March 2009 had achieved over 550 signatories from civil society organisations.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p><p>March 2009 saw Gordon Brown continuing to advocate for reform and the granting of extended powers to international financial institutions like the IMF at the April G20 summit in London,<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> and was said to have president Obama's support .<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> Also during March 2009, in a speech entitled <i>Reform the International Monetary System</i>, <a href="/wiki/Zhou_Xiaochuan" title="Zhou Xiaochuan">Zhou Xiaochuan</a>, the governor of the <a href="/wiki/People%27s_Bank_of_China" title="People's Bank of China">People's Bank of China</a> came out in favour of Keynes's idea of a centrally managed global reserve currency. Dr Zhou argued that it was unfortunate that part of the reason for the Bretton Woods system breaking down was the failure to adopt Keynes's <a href="/wiki/Bancor" title="Bancor">bancor</a>. Dr Zhou said that national currencies were unsuitable for use as global reserve currencies as a result of the <a href="/wiki/Triffin_dilemma" title="Triffin dilemma">Triffin dilemma</a> – the difficulty faced by reserve currency issuers in trying to simultaneously achieve their domestic monetary policy goals and meet other countries' demand for reserve currency. Dr Zhou proposed a gradual move towards increased use of IMF <a href="/wiki/Special_drawing_rights" title="Special drawing rights">special drawing rights</a> (SDRs) as a centrally managed global reserve currency.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> His proposal attracted much international attention.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> In a November 2009 article published in <i><a href="/wiki/Foreign_Affairs" title="Foreign Affairs">Foreign Affairs</a></i> magazine, economist <a href="/wiki/C._Fred_Bergsten" title="C. Fred Bergsten">C. Fred Bergsten</a> argued that Dr Zhou's suggestion or a similar change to the international monetary system would be in the United States' best interests as well as the rest of the world's.<sup id="cite_ref-Bersten_40-0" class="reference"><a href="#cite_note-Bersten-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> </p><p>Leaders meeting in April at the <a href="/wiki/2009_G-20_London_summit" class="mw-redirect" title="2009 G-20 London summit">2009 G-20 London summit</a> agreed to allow $250 Billion of SDRs to be created by the IMF, to be distributed to all IMF members according to each countries voting rights. In the aftermath of the summit, Gordon Brown declared "the Washington Consensus is over".<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> However, in a <a href="/wiki/Keynes:_The_Return_of_the_Master" title="Keynes: The Return of the Master">book</a> published during September 2009, Professor <a href="/wiki/Robert_Skidelsky" title="Robert Skidelsky">Robert Skidelsky</a>, an international expert on <a href="/wiki/Keynesianism" class="mw-redirect" title="Keynesianism">Keynesianism</a>, argued it was still too early to say whether a new international monetary system was emerging.<sup id="cite_ref-return_16-2" class="reference"><a href="#cite_note-return-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>On Jan 27, in his opening address to the <a href="/wiki/World_Economic_Forum" title="World Economic Forum">2010 World Economic Forum</a> in Davos, President Sarkozy repeated his call for a new Bretton Woods, and was met by wild applause by a sizeable proportion of the audience.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </p><p>In December 2011, the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> published a paper arguing for reform, saying that the current international monetary system has performed poorly compared to the Bretton Woods system. <sup id="cite_ref-COEDec2011_43-0" class="reference"><a href="#cite_note-COEDec2011-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </p><p>In August 2012 in an <i><a href="/wiki/International_Herald_Tribune" title="International Herald Tribune">International Herald Tribune</a></i> op-ed, Harvard University professor and director of the <a href="/wiki/Committee_on_Capital_Markets_Regulation" title="Committee on Capital Markets Regulation">Committee on Capital Markets Regulation</a> <a href="/wiki/Hal_S._Scott" title="Hal S. Scott">Hal S. Scott</a> called for a global response to the <a href="/wiki/European_sovereign_debt_crisis" class="mw-redirect" title="European sovereign debt crisis">Euro-zone crisis</a>. He wrote that two failures to address European problems around German power had led to world wars in the 20th century and that the current crisis was also beyond the capacity of Europe, with Germany again at the center, to solve on their own. Accepting that leadership transitions were underway in both China and America, Scott called on all concerned—with Japan included with China and America—to begin organizing a global restructuring through the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> with possibly a Bretton Woods II conference as part of the process.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> <i><a href="/wiki/MarketWatch" title="MarketWatch">MarketWatch</a></i> commentator Darrell Delamaide endorsed Scott's idea but concluded "unfortunately it's not likely to happen". He added first the example of the failure of Europe to address successfully the breakup of <a href="/wiki/Yugoslavia" title="Yugoslavia">Yugoslavia</a> without outside assistance as a reason for his endorsement. But he found U.S. presidential and Treasury Department leadership and IMF leadership dramatically lacking in the capacity to mount an initiative such as Scott proposed.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_monetary_system&action=edit&section=8" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Bretton_Woods_Project" title="Bretton Woods Project">Bretton Woods Project</a></li> <li><a href="/wiki/Eurodad" title="Eurodad">Eurodad</a></li> <li><a href="/wiki/Global_financial_system" title="Global financial system">Global financial system</a></li> <li><a href="/wiki/History_of_money" title="History of money">History of money</a></li> <li><a href="/wiki/International_Monetary_and_Economic_Conferences" title="International Monetary and Economic Conferences">International Monetary and Economic Conferences</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=International_monetary_system&action=edit&section=9" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width reflist-columns-2"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFOatley2019" class="citation book cs1">Oatley, Thomas (2019). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=4GJoDwAAQBAJ"><i>International Political Economy: Sixth Edition</i></a>. Routledge. p. 28. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-351-03464-7" title="Special:BookSources/978-1-351-03464-7"><bdi>978-1-351-03464-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=International+Political+Economy%3A+Sixth+Edition&rft.pages=28&rft.pub=Routledge&rft.date=2019&rft.isbn=978-1-351-03464-7&rft.aulast=Oatley&rft.aufirst=Thomas&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D4GJoDwAAQBAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInternational+monetary+system" class="Z3988"></span></span> </li> <li id="cite_note-money_a_history-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-money_a_history_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-money_a_history_2-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-money_a_history_2-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-money_a_history_2-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-money_a_history_2-4"><sup><i><b>e</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJonathan_Williams_with_Joe_Cribb_and_Elizabeth_Errington1997" class="citation book cs1">Jonathan Williams with Joe Cribb and Elizabeth Errington, ed. (1997). <a rel="nofollow" class="external text" href="https://archive.org/details/moneyhistory0000unse_u5i0/page/126/"><i>Money a History</i></a>. British Museum Press. pp. 16–27, 111, 127, 129, 131, 136, 136. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-7141-0885-5" title="Special:BookSources/0-7141-0885-5"><bdi>0-7141-0885-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Money+a+History&rft.pages=16-27%2C+111%2C+127%2C+129%2C+131%2C+136%2C+136&rft.pub=British+Museum+Press&rft.date=1997&rft.isbn=0-7141-0885-5&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fmoneyhistory0000unse_u5i0%2Fpage%2F126%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInternational+monetary+system" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRaaflaub2005" class="citation book cs1">Raaflaub, Kurt (2005). <i>Social Struggles in Archaic Rome</i>. WileyBlackwell. pp. 59–60. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1-4051-0061-3" title="Special:BookSources/1-4051-0061-3"><bdi>1-4051-0061-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Social+Struggles+in+Archaic+Rome&rft.pages=59-60&rft.pub=WileyBlackwell&rft.date=2005&rft.isbn=1-4051-0061-3&rft.aulast=Raaflaub&rft.aufirst=Kurt&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInternational+monetary+system" class="Z3988"></span></span> </li> <li id="cite_note-Ascent-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-Ascent_4-0">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.pbs.org/wnet/ascentofmoney/">"The Ascent of Money , episode 1"</a>. PBS.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Ascent+of+Money+%2C+episode+1&rft.pub=PBS&rft_id=https%3A%2F%2Fwww.pbs.org%2Fwnet%2Fascentofmoney%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInternational+monetary+system" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBrozFrieden2001" class="citation journal cs1">Broz, J. Lawrence; Frieden, Jeffry A. (2001). <a rel="nofollow" class="external text" href="https://doi.org/10.1146%2Fannurev.polisci.4.1.317">"The Political Economy of International Monetary Relations"</a>. <i>Annual Review of Political Science</i>. <b>4</b> (1): 317–343. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1146%2Fannurev.polisci.4.1.317">10.1146/annurev.polisci.4.1.317</a></span>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1094-2939">1094-2939</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Annual+Review+of+Political+Science&rft.atitle=The+Political+Economy+of+International+Monetary+Relations&rft.volume=4&rft.issue=1&rft.pages=317-343&rft.date=2001&rft_id=info%3Adoi%2F10.1146%2Fannurev.polisci.4.1.317&rft.issn=1094-2939&rft.aulast=Broz&rft.aufirst=J.+Lawrence&rft.au=Frieden%2C+Jeffry+A.&rft_id=https%3A%2F%2Fdoi.org%2F10.1146%252Fannurev.polisci.4.1.317&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInternational+monetary+system" class="Z3988"></span></span> </li> <li id="cite_note-GPE-6"><span class="mw-cite-backlink">^ <a href="#cite_ref-GPE_6-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-GPE_6-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRavenhill2005" class="citation book cs1">Ravenhill, John (2005). <i>Global Political Economy</i>. Oxford University Press. pp. 7, 328.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Global+Political+Economy&rft.pages=7%2C+328&rft.pub=Oxford+University+Press&rft.date=2005&rft.aulast=Ravenhill&rft.aufirst=John&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInternational+monetary+system" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text">Occasionally also called the <i>golden age of capitalism</i> in older sources, and also the <i>first golden age of capitalism</i> in later sources that recognise golden age that spanned approx 1951–73. A few economists such as <a href="/wiki/Barry_Eichengreen" title="Barry Eichengreen">Barry Eichengreen</a> date the <i>first age of globalisation</i> as starting in the early 1860s with the laying of the first transatlantic cables between Great Britain and the USA.</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHarold_James2009" class="citation book cs1">Harold James (2009-06-30). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=SnXDHXz-DPQC&q=The+end+of+globalization:+lessons+from+the+great+depression"><i>The End of Globalization</i></a>. Harvard University Press. p. 12. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780674039087" title="Special:BookSources/9780674039087"><bdi>9780674039087</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">2009-03-17</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+End+of+Globalization&rft.pages=12&rft.pub=Harvard+University+Press&rft.date=2009-06-30&rft.isbn=9780674039087&rft.au=Harold+James&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DSnXDHXz-DPQC%26q%3DThe%2Bend%2Bof%2Bglobalization%3A%2Blessons%2Bfrom%2Bthe%2Bgreat%2Bdepression&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInternational+monetary+system" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHelleiner2005" class="citation book cs1">Helleiner, Eirc (2005). "6". In John Ravenhill (ed.). <i>Global Political Economy</i>. Oxford University Press. p. 154.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=6&rft.btitle=Global+Political+Economy&rft.pages=154&rft.pub=Oxford+University+Press&rft.date=2005&rft.aulast=Helleiner&rft.aufirst=Eirc&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInternational+monetary+system" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHelleiner2005" class="citation book cs1">Helleiner, Eirc (2005). "6". In John Ravenhill (ed.). <i>Global Political Economy</i>. Oxford University Press. p. 156.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=6&rft.btitle=Global+Political+Economy&rft.pages=156&rft.pub=Oxford+University+Press&rft.date=2005&rft.aulast=Helleiner&rft.aufirst=Eirc&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInternational+monetary+system" class="Z3988"></span> </span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSkidelsky2003" class="citation book cs1">Skidelsky, Robert (2003). "22". <i><span></span></i>John Maynard Keynes: 1883-1946: Economist,Philosopher, Statesman<i><span></span></i>. Macmillan. p. 346.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=22&rft.btitle=John+Maynard+Keynes%3A+1883-1946%3A+Economist%2CPhilosopher%2C+Statesman&rft.pages=346&rft.pub=Macmillan&rft.date=2003&rft.aulast=Skidelsky&rft.aufirst=Robert&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInternational+monetary+system" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStephen_J._Lee1988" class="citation book cs1">Stephen J. Lee (1988-10-30). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=qpIJuv5n3p0C&q=Aspects+of+European+history,+1789-1980"><i>Aspects of European history, 1789-1980</i></a>. Taylor & Francis. p. 135. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780203930182" title="Special:BookSources/9780203930182"><bdi>9780203930182</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">2009-03-17</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Aspects+of+European+history%2C+1789-1980&rft.pages=135&rft.pub=Taylor+%26+Francis&rft.date=1988-10-30&rft.isbn=9780203930182&rft.au=Stephen+J.+Lee&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DqpIJuv5n3p0C%26q%3DAspects%2Bof%2BEuropean%2Bhistory%2C%2B1789-1980&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInternational+monetary+system" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHelleiner1996" class="citation book cs1">Helleiner, Eric (1996). "2: Bretton Woods and the Endorsement of Capital Controls". <i>States and the reemergence of global finance</i>. Cornell University Press.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=2%3A+Bretton+Woods+and+the+Endorsement+of+Capital+Controls&rft.btitle=States+and+the+reemergence+of+global+finance&rft.pub=Cornell+University+Press&rft.date=1996&rft.aulast=Helleiner&rft.aufirst=Eric&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInternational+monetary+system" class="Z3988"></span></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text">According to Keynes: "In my view the whole management of the domestic economy depends on being free to have the appropriate rate of interest without reference to rates prevailing elsewhere in the world. Capital control is a corollary to this"</span> </li> <li id="cite_note-Copeland-15"><span class="mw-cite-backlink">^ <a href="#cite_ref-Copeland_15-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Copeland_15-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLaurence_Copeland2005" class="citation book cs1">Laurence Copeland (2005). <i>Exchange Rates and International Finance</i> (4th ed.). Prentice Hall. pp. 10–35. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-273-68306-3" title="Special:BookSources/0-273-68306-3"><bdi>0-273-68306-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Exchange+Rates+and+International+Finance&rft.pages=10-35&rft.edition=4th&rft.pub=Prentice+Hall&rft.date=2005&rft.isbn=0-273-68306-3&rft.au=Laurence+Copeland&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInternational+monetary+system" class="Z3988"></span></span> </li> <li id="cite_note-return-16"><span class="mw-cite-backlink">^ <a href="#cite_ref-return_16-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-return_16-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-return_16-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRobert_Skidelsky2009" class="citation book cs1"><a href="/wiki/Robert_Skidelsky" title="Robert Skidelsky">Robert Skidelsky</a> (2009). <a rel="nofollow" class="external text" href="https://archive.org/details/keynesreturnofma0000skid/page/116"><i>Keynes: The return of the Master</i></a>. 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Archived from <a rel="nofollow" class="external text" href="http://us.ft.com/ftgateway/superpage.ft?news_id=fto100920081302015280">the original</a> on 2009-05-06<span class="reference-accessdate">. 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Archived from <a rel="nofollow" class="external text" href="http://www.bankofengland.co.uk/publications/fsr/fs_paper13.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 2011-12-18<span class="reference-accessdate">. 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href="https://web.archive.org/web/20090223064529/http://brettonwoodsproject.org/index.shtml">The Bretton Woods Project</a></li> <li><a rel="nofollow" class="external text" href="http://www.mail-archive.com/ctrl@listserv.aol.com/msg46444.html">The Rise and Fall of Betton Woods</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20081028013716/http://www.eurodad.org/whatsnew/articles.aspx?id=3008">Eurodad: Bretton Woods II conference FAQs</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20090114080607/http://www.eurodad.org/whatsnew/articles.aspx?id=3010">Eurodad: IMF back in business as Bretton Woods II conference announced</a></li> <li><a rel="nofollow" class="external text" href="https://www.un.org/ga/president/63/interactive/gfc.shtml">UN Interactive Panel on the Global Financial Crisis</a></li> <li><a rel="nofollow" class="external text" href="https://www.un.org/ga/president/63/commission/financial_commission.shtml">UN Commission of Experts on Reform of the International Financial System</a></li> <li><a rel="nofollow" class="external text" href="http://www.g20.org">G20 official website</a></li> <li><a rel="nofollow" class="external text" href="http://www.g8.utoronto.ca/g20">G20 Info Centre (Univ of Toronto)</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20110418205031/http://global-currencies.org/smi/gb/home.php">International Monetary System (Banque de France)</a></li> <li><a rel="nofollow" class="external text" href="https://globalcurrencyinitiative.org/en/">Global Currency Initiative: Reforming the International Monetary System</a></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist 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