After World War Two, 730 delegates from all 44 Allied nations gathered in the U.S. at the Mount Washington Hotel in Bretton Woods, New Hampshire. The Bretton Woods Conference aimed to regulate the international monetary and financial order after the war ended. Held from July 1 to 22, 1944, agreements were signed and ratified by member governments, establishing the institutions that represented a new world order. This led to what was called the Bretton Woods system for international commercial and financial relations.
The world order that was spawned by the conference has served society in ways that prevented a repeat of world wars and the great depression. Several forces Converged to enable this world order. Today, convergence is happening again. A world war is not a catalyst this time, but other forces are aligning in ways that have some thinking about a new world order emerging. Paola Subacchi is Professor of International Economics and Chair Advisory Board at the Global Policy Institute Queen Mary University of London. Her recent book explores this topic in detail. Viewed through a geopolitical and financial lens, Ms. Subacchi presents several scenarios for us to consider. The need for global governance could never be more critical. It is a fascinating read, which is now in my Book Library. The Amazon abstract is included below.
ABSTRACT: When it comes to the afflictions of the global economy, almost everyone—and especially Donald Trump—is quick to point the finger of blame at the state of international trade. But what about unconstrained capital flows? Unfettered capital has resulted in a string of financial and economic crises that have left our political systems strained and dialogue corroded. The once perceived benefits of openness have been cast to the wayside and the cracks in the global order can no longer be ignored.
Paola Subacchi argues that international cooperation and interdependence have become crippled. Regional restrictions will soon strengthen and a multipolar order will take shape, leading to a distinctly transformed economic landscape in which China challenges the dominance of the US dollar. Combining history, analysis, and prediction, this book provides penetrating insight into the challenges facing the international economic order.