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Why White, Not Keynes? Inventing the Post-War International Monetary System

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  • James M. Boughton
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    Abstract

    The international monetary system is largely the product of negotiations during World War II between U.S. and U.K. officials, led respectively by Harry Dexter White and John Maynard Keynes. The design of the system, especially the International Monetary Fund, reflects the U.S. plan much more than the British. That outcome resulted not only from the superior economic position of the United States but also from differences between White''s and Keynes''s views on key issues. Examination of White''s economic papers shows that he was more multilateral than Keynes and placed a higher priority on monetary discipline.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 02/52.

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    Length: 25
    Date of creation: 01 Mar 2002
    Date of revision:
    Handle: RePEc:imf:imfwpa:02/52

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    Related research

    Keywords: IMF; world trade; monetary fund; monetary policy; international monetary system; monetary system; international trade; central bank; open economy; monetary stability; monetary standard; political economy; exchange rate policy; balance of payments; monetary economics; multilateralism; international monetary economics; open trade; monetary discipline; member country; inflation; trade preferences; world markets; monetary reform; monetary policy strategies; reserve requirements; bilateral cooperation; multilateral system; monetary standards; monetary research; national security; trade flows; international monetary arrangements; trade relations; monetary control; exchange rate policies; monetary policy rules; international monetary reform; bilateral aid; tariff protection; international monetary policy; liberal trade; reserve currencies; multilateral agreements; full liberalization; import controls; international monetary agreement; monetary arrangements; monetary economist; closed economy; partner country; fair trade; price stability; trade policies; liberal trade policies; monetary agreement; external shocks; multilateral agreement;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Robert P. Flood & Peter Isard, 1989. "Monetary Policy Strategies," IMF Staff Papers, Palgrave Macmillan, vol. 36(3), pages 612-632, September.
    2. James M. Boughton, 2001. "The Case against Harry Dexter White: Still Not Proven," History of Political Economy, Duke University Press, vol. 33(2), pages 219-239, Summer.
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    Cited by:
    1. James M. Boughton, 2004. "The IMF and the force of History," IMF Working Papers 04/75, International Monetary Fund.
    2. Muchlinski, Elke, 2004. "Kontroversen in der internationalen Währungspolitik: Retrospektive zu Keynes-White-Boughton & IMF," Discussion Papers 2004/1, Free University Berlin, School of Business & Economics.
    3. James M. Boughton, 2006. "American in the Shadows," IMF Working Papers 06/6, International Monetary Fund.

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