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The Global Financial System after 1945

The Global Financial System after 1945 - The Global...

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The Global Financial System after 1945 1. Bretton-Woods was instituted right around the end of WWII. 2. The system survived till 1970’s. Declined bc American economic dominance delined. 3. Nixon took u.s. off the gold standard and abandoned bretton-woods all together. 4. Less rules causes globalization to take place rapidly. 5. Keynes and Keynesianism- published General Theory of Employment, Interest, and Money (1936). Influenced by the Great Depression. Believed that gov has to play a big role in the economy. 6. F.A. Hayek wrote The Road to Serfdom . Written in response to fascist/communist systems. 7. Milton Friedman- argued that “liberalism” has been corrupted by the left. Believed in close connection between political and economic freedom. Awarded nobel prize in 1976. 8. Reagan was very influenced by Friedman. Became the role model for contemporary Republicans. Significant tax cuts and increased defense sector spending caused National deficit to explode.
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