Like most revolutions, the movement which culminated at Bretton Woods in July 1944 was the product of its time. Three main considerations motivated the pioneers of that movement. These were, first, a realization that, as a result of the war, the international economy had been violently disrupted; second, a fear that after the war the vicious cycle of boom and slump would be repeated; and, third, a recognition that to cope with these problems much greater international co-operation would be necessary than had prevailed before 1939.
KeywordsExchange Rate Adjustment Process Exchange Rate Regime Grave Disturbance International Monetary System
Unable to display preview. Download preview PDF.