International Economic Policies at the End of the Second World War

  • W. M. Scammell


The international situation in the summer of 1945 was unique in modern history; unique in that it gave to nations and to the world as a whole an opportunity for a completely new start. In certain fields, notably the economic, it was possible not only to reform international relations, but to start again virtually from scratch. This was the case with the international payments system, redrafted by the United States and Britain while the war was still in progress. In other fields changed relationships and relative strengths called for complete reassessment of policy aims and for different criteria of economic judgement. It is, therefore, a necessary preliminary of any examination of the postwar international economy to examine this problem of realignment.


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  1. 4.
    See E. F. Penrose, Economic Planning for the Peace (Princeton, N.J.: Princeton University Press, 1953) pp. 39–40.Google Scholar
  2. 5.
    The best account of these negotiations is to be found in R. Gardner’s Sterling-Dollar Diplomacy, 2nd ed. (Oxford: Oxford University Press; New York: McGraw-Hill, 1969).Google Scholar
  3. An excellent recent book is Armand Van Dormael, Bretton Woods: Birth of a Monetary System (London: Macmillan, 1978).Google Scholar
  4. Briefer accounts are to be found in W. M. Scammell, International Monetary Policy, 2nd ed. (London: Macmillan, 1961) chs 5–8;Google Scholar
  5. and J. K. Horsefield, The International Monetary Fund 1945–65 (Washington: I.M.F., 1969), vol. 1: Chronicle, chs 1–6.Google Scholar
  6. R. F. Harrod, in his Life of John Maynard Keynes (London: Macmillan, 1951 ) chs XIII and XIV, provides an excellent account of the negotiations and interesting personal portraits of the main participants.Google Scholar
  7. Canadian aspects of the negotiations are dealt with in A. F. W. Plumptre, Three Decades of Decision (Toronto: McClelland & Stewart, 1977) chs 1–5.Google Scholar

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© W. M. Scammell 1980

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  • W. M. Scammell

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