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By Robert Leeson (eds.)

ISBN-10: 0230246141

ISBN-13: 9780230246140

ISBN-10: 1349525839

ISBN-13: 9781349525836

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Only in 1943 did the WPS get involved in more technical discussion about the tools and institutions that were emerging from the official Anglo-American negotiations. Unfortunately at the very same time the group ceased to exert a strong influence on the administration: the commercial negotiations were blocked from September 1943 until the end of the war and the financial negotiations were led by the Treasury, with the State Department only in a secondary role. Despite this declining role of the WPS, many of its members continued to contribute to the negotiations, working in government committees or exerting their persuasion through personal relationships with the main players on the stage.

As we shall see, they provided for a set of international institutions coordinated by a general economic staff, in order to stabilize employment throughout the world. Keynes’s clearing union plan and White’s IMF proposals had not yet been published, but were under discussion within government: the EFG was asked to provide suggestions for the State Department position. 37 In Hansen’s view the only way to build up a sound and durable international monetary system was to adopt national and international measures able to ensure high levels of employment, production and living standards in the leading industrial countries and economic and social development in the rest of the world.

Vol. I: Years of Crisis, 1928–1938 (1959), Vol. II: Years of Urgency (1964), Vol. III: Years of War (1967), Boston: Houghton Mifflin Company. Bordo, Michael D. and Finn E. Kydland, 1995, ‘The Gold Standard as a Rule: an Essay in Exploration,’ Explorations in Economic History, 32 (October): 423–64. Bordo, Michael and Anna J. Schwartz, 2001, ‘From the Exchange Stabilization Fund to the International Monetary Fund,’ NBER Working Paper 8100 (January). , 2001, ‘Northwest of Suez: the 1956 Crisis and the International Monetary Fund,’ IMF Staff Papers, 48: 425–46.

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American Power and Policy by Robert Leeson (eds.)

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