Why White, Not Keynes? Inventing the Postwar International Monetary System

25 Pages Posted: 29 Jan 2006

See all articles by James M. Boughton

James M. Boughton

International Monetary Fund (IMF) - Policy Development and Review Department; National Bureau of Economic Research (NBER)

Date Written: March 2002

Abstract

The international monetary system is largely the product of negotiations during World War II between U.S. and U.K. officials, led respectively by Harry Dexter White and John Maynard Keynes. The design of the system, especially the International Monetary Fund, reflects the U.S. plan much more than the British. That outcome resulted not only from the superior economic position of the United States but also from differences between White's and Keynes's views on key issues. Examination of White's economic papers shows that he was more multilateral than Keynes and placed a higher priority on monetary discipline.

Keywords: IMF, Harry Dexter White, Keynes, open economy models

JEL Classification: B22, B31, F33, F41

Suggested Citation

Boughton, James, Why White, Not Keynes? Inventing the Postwar International Monetary System (March 2002). IMF Working Paper No. 02/52, Available at SSRN: https://ssrn.com/abstract=879457

James Boughton (Contact Author)

International Monetary Fund (IMF) - Policy Development and Review Department ( email )

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National Bureau of Economic Research (NBER)

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