Government and Economies in the Postwar World: Economic Policies and Comparative Performance, 1945-85

By Andrew Graham; Anthony Seldon | Go to book overview

Chapter two

The international environment

Kathleen Burk

Introduction

The chance to begin anew seldom occurs. Yet the nearly complete breakdown of the world economy between 1939 and 1945, together with the extraordinarily dominant position of the United States at the end of the war, provided just this opportunity. Policy-makers in the US were determined to convince-and, if necessary, to compel-other nations to join them in building a new economic order on the ruins of the old.

The aim of the US (and to a lesser extent of Britain and Canada) was to establish a new scheme for international payments, which would have as its primary objective the avoidance of the competitive exchange rate depreciations of the 1930s, and, accompanying this, a new set of rules for international trade which would be designed to promote non-discrimination and the free exchange of goods and services. The first part of this twin approach was the Bretton Woods agreement (named after the place where the US plan was finally ratified by the United Nations), which set up the International Monetary Fund (IMF), and the International Bank for Reconstruction and Development (the World Bank). The second part, on which the US had less of its own way, became the General Agreement on Tariffs and Trade (GATT). This joint system, for good or ill and despite periods of non-operation, determined how most of the countries discussed in this book interacted with one another for much of the postwar period. This chapter therefore describes the initial establishment of the system, its evolution since 1945, and the main strains to which it has been subjected.

There are four main themes. First of all, from the late 1940s until the early 1970s, a system of fixed but adjustable exchange rates was in operation. However, as initially designed at Bretton Woods, this was supposed to be accompanied by freedom of capital movements-currencies were to be freely convertible-but this did not occur, even for the majority of the main currencies, until the late 1950s. In short, the Bretton Woods system was not fully operational until long after 1945. In addition, both before and after it was in full operation, it was subject to a series of crises,

-9-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Government and Economies in the Postwar World: Economic Policies and Comparative Performance, 1945-85
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Acknowledgements ix
  • Figures x
  • Tables xi
  • Chapter One - Introduction 1
  • Part I 7
  • Chapter Two - The International Environment 9
  • Chapter Three - The United Kingdom 30
  • Chapter Four - France 54
  • Chapter Five - West Germany 79
  • Chapter Six - Italy 104
  • Chapter Seven - Spain 125
  • Guide to Further Reading 153
  • Chapter Eight - Scandinavia 154
  • Chapter Nine - Eastern Europe 179
  • Chapter Ten - The Soviet Union 205
  • Chapter Eleven - The United States 225
  • Guide to Further Reading 252
  • Chapter Twelve - Japan 253
  • Part II 271
  • Chapter Thirteen - Comparative Economic Performance of the Oecd Countries, 1950-87: a Summary of the Evidence 273
  • References 283
  • Chapter Fourteen - Benefits of Backwardness and Costs of Continuity 284
  • References 293
  • Chapter Fifteen - Economic Policies and Traditions 294
  • References 302
  • Chapter Sixteen - The Meaning of Hard Work 303
  • References 313
  • Chapter Seventeen - Political Institutions and Economic Performance 315
  • References 322
  • Index 323
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen
/ 333

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.