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Need help with my writing homework on Success of Bretton Woods Institutions. Write a 1500 word paper answering;
Need help with my writing homework on Success of Bretton Woods Institutions. Write a 1500 word paper answering; In particular, the institutions created by this postwar world order are vivid today, even though their activity was changed significantly since the beginning of their existence. In this context, the effectiveness of their primary roles in the new world is questionable for modern political thought.
To start with, the foundation of the Bretton Woods institutions is the first example of negotiations in the international community concerning the world monetary order (Cohen, n.d.). In particular, the lesson defined by Jamie Martin (2013) as “the worst war in history [that] had followed shortly on the heels of the worst economic crisis” encouraged the international community to prevent any further global political and monetary crisis shortly. In other words, the war was a cornerstone for governments to change the rules of the business to create a completely new economic and political environment (Ikenberry, 1991, p. 293). In fact, the new balance between “market” and “authority” emerged (Ruggie, 1982, p. 386). And so, the Bretton Woods system can be considered as the background of the whole modern world order.
Within the new global monetary system, the Bretton Woods organizations were created as the crucial financial institutions that influenced to some extent all the economies in the world. However, the creation of this system is deeply connected with the discussion between two officials – namely, John Maynard Keynes (UK) and Harry Dexter White (USA) (Martin, 2013). In the context of this struggle, the preparation of the new world order lasted for two years in the teamwork of British and U.S. economists (Cohen, n.d.). In fact, the future scenario of “the Western world order” (Underhill, 2006) was seen differently by these two representatives. On the one hand, Americans in a team of Harry White wanted to create an open international economy on the background of both .liberalism and multilateralism. on another hand, British representatives headed by John Keynes were willing to save the imperial system mainly based on bilateral trade agreements (Ikenberry, 1991, p. 289).
