By R. Leeson

Ideology and foreign economic climate is the 1st significant learn of the highbrow and institutional forces which mixed to undermine the Bretton Woods approach of mounted alternate premiums. In 20 years, Milton Friedman's "case for versatile alternate premiums" was once remodeled from a minority educational point of view to the operational framework for the overseas financial process. within the method, the foreign financial Fund used to be defeated, sidelined and at risk of turning into an beside the point association.

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Outsiders. . He was never specific about this, including the level or status of such persons. Mr. ’ The notes of the meeting were taken by Frank Southard, IMF Deputy Managing Director (1962–74) who for 25 years had ‘facilitated the transitions from one Managing Director to another’ (de Vries 1976a, 636). But neither Southard nor Schweitzer were prepared to facilitate the transition from the IMF system to a system of floating exchange rates. The The Bretton Woods Establishment 35 notes continued: Volcker ‘kept pressing the point.

197). 8 7 An Emerging Academic Consensus In the 1960s, there were tensions within the White House about international monetary reform. Douglas Dillon, President Kennedy’s Treasury Secretary, had been Under-Secretary of State during the Eisenhower administration and was an ‘elegantly tailored, handsome man . . with the quiet assurance of someone having just achieved a pinnacle of personal success’. When Charles Coombs (1976, 16–17, 20), the senior Vice President in charge of the foreign exchange desk at the New York Fed, ‘watched [Dillon] at international gatherings I could not help feeling a certain national pride’.

41 42 Ideology and the International Economy James Meade (1948a, 109; 1948b, 12) also suggested that the IMF system could make greater use of exchange rate flexibility. But the IMF ‘rules of the game’ had to be strictly adhered to so as to prevent competitive devaluations. Meade specifically prefaced his reformist remarks by distancing himself from the possibility that the price mechanism might deliver a blow to British post-war pride: ‘Let me make one thing clear at the outset. I am not advocating that here and now the pound sterling should be devalued.

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