A Bretton Woods moment? The 2007-2008 crisis and the future of global finance

International Affairs

Volumn 86, Issue 3, 2010, Pages 619-636

  Helleiner, Eric ^a  

^a UNIVERSITY OF WATERLOO   (Canada)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 77954140306     PISSN: 00205850     EISSN: 14682346     Source Type: Journal    
DOI: 10.1111/j.1468-2346.2010.00901.x     Document Type: Article

References (46)

1. See e.g. Daniel Bases, 'World faces new Bretton Woods moment: Stiglitz', Reuters UK, 6 Nov. 2008, http://uk.reuters.com/article/idUKTRE4A58BI20081106, accessed 10 April 2010.
2. James Kirkup and Bruno Waterfield, 'Gordon Brown's Bretton Woods summit call risks spat with Nicholas Sarkozy', 15 Oct. 2008, http://www.telegraph.co.uk/news/worldnews/europe/france/3205033/Gordon-Browns-Bretton-Woods-summit-call-risks-spat-with-Nicolas-Sarkozy.html, accessed 10 April 2010.
3. 'Still lost in the old Bretton Woods', Financial Times, 28 Dec. 2009.
4. Miles Kahler, 'Bretton Woods and its competitors', in David Andrews, C. Randall Henning and Louis Pauly, eds, Governing the world's money (Ithaca, NY: Cornell University Press, 2002).
5. John Ruggie, 'International regimes, transactions and change: embedded liberalism in the postwar economic order', International Organization 36: 2, 1982, pp. 379-405.
6. See e.g. Ruggie, 'International regimes'; John Ikenberry, 'A world economy restored: expert consensus and the Anglo-American postwar settlement', International Organization 46: 1, 1982, pp. 289-321.
7. Eric Helleiner, 'The development mandate of international institutions: where did it come from?', Studies in Comparative International Development 44: 3, 2009, pp. 189-211, and 'Reinterpreting Bretton Woods: international development and the neglected origins of embedded liberalism', Development and Change 37: 5, 2006, pp. 943-67.
8. Armand van Dormael, Bretton Woods: birth of a monetary system (London: Macmillan, 1977), ch. 1, p. 52; see also Helleiner, 'Reinterpreting Bretton Woods'.
9. Proceedings and documents of the United Nations Monetary and Financial Conference, Bretton Woods, New Hampshire, July 1-22, 1944, vol. 1 (Washington DC: US Government Printing Office, 1948), p. 1126.
10. Andrew Sheng, 'Rebuilding the world after the twin crises', Star Online, 2 Jan. 2010, http://biz.thestar.com.my/news/story.asp?file=/2010/1/2/business/5375200&sec=business, accessed 10 April 2010.
11. US Treasury Secretary Henry Morgenthau, quoted in van Dormael, Bretton Woods, p. 52.
12. Helleiner, 'Reinterpreting Bretton Woods' and 'The development mandate'.
13. Quoted in Charles Kindleberger, Power and money (New York: Basic Books, 1970), p. 207.
14. Keynes, quoted in Robert Skidelsky, John Maynard Keynes, vol. 3: Fighting for Britain, 1937-46 (London: Macmillan, 2000), p. 196.
15. Keynes, quoted in van Dormael, Bretton Woods, p. 7.
16. Helleiner, 'Reinterpreting Bretton Woods' and 'The development mandate'.
17. See e.g. van Dormael, Bretton Woods.
18. Proceedings and documents, p. 1110.
19. Robert Skidelsky, 'Keynes's road to Bretton Woods: an essay in interpretation', in Marc Flandreau, Carl-Ludwig Holtfrerich and Harold James, eds, International financial history in the twentieth century (Cambridge: Cambridge University Press, 2003), p. 125.
20. For histories of this process, see Eric Helleiner, States and the reemergence of global finance (Ithaca, NY: Cornell University Press, 1994); Rawi Abdelal, Capital rules (Cambridge, MA: Harvard University Press, 2007); Jeffrey Chwieroth, Capital ideas (Princeton, NJ: Princeton University Press, 2009).
21. See also Kahler, 'Bretton Woods and its competitors'. For the gold standard, see Giulio Gallarotti, The anatomy of an international monetary regime: the classical gold standard 1880-1914 (Oxford: Oxford University Press, 1995).
22. Fernand Braudel, 'History and the social sciences', in F. Braudel, On history, trans. S. Matthews (Chicago: University of Chicago Press, 1980). See also Randall Germain, 'Financial order and world politics: crisis, change and continuity', International Affairs 85: 4, 2009, pp. 669-87.
23. Martin Wolf, 'The rescue of Bear Stearns marks liberalisation's limit', Financial Times, 26 March 2008. Ackerman is quoted in this same article.
24. Quoted in John Authers, 'Four strong contenders for mistake of the year', Financial Times, 13 Dec. 2008.
25. Andrew Walter, Governing finance (Ithaca, NY: Cornell University Press, 2008).
26. Eric Helleiner and Stefano Pagliari, 'Between the storms: patterns in global financial governance, 2001-07', in Geoffrey Underhill, Jasper Blom and Daniel Mügge, eds, From reform to crisis: financial integration and the 'new architecture' of international financial governance (Cambridge: Cambridge University Press, 2010).
27. Chwieroth, Capital ideas, ch. 8; Abdelal, Capital rules, ch. 6.
28. Unnamed official, quoted in Alan Beattie and Geoff Dyer, 'Free-market ideals survive the crunch', Financial Times, 27 Nov. 2009.
29. Liao Min, quoted in Jamil Anderlini, 'China says West's lack of market oversight led to subprime crisis', Financial Times, 28 May 2008.
30. Michael Wines and Edward Wong, 'An unsure China steps onto the global stage', New York Times, 1 April 2009.
31. Glen Somerville, 'Geithner tells China its dollar assets are safe', Reuters, 1 June, 2009, http://www.reuters.com/article/idUSPEK14475620090601, accessed 10 April 2010.
32. Harold James, 'Unlearnt lessons of the Great Depression', Financial Times, 4 Jan. 2010. See also Barry Eichen-green's conclusion that 'a process of financial deglobalization has already begun' in his 'The dollar dilemma', Foreign Affairs 88: 5, 2009, p. 53.
33. For more detail on this agenda, see Eric Helleiner, Stefano Pagliari and Hubert Zimmermann, eds, Global finance in crisis: the politics of international regulatory change (London: Routledge, 2010).
34. Jonathan D. Ostry, Atish R. Ghosh, Karl Habermeier, Marcos Chamon, Mahvash S. Qureshi and Dennis B. S. Reinhardt, Capital inflows: the role of controls (Washington DC: International Monetary Fund, 2010).
35. See e.g. Gillian Tett, 'Brazil clips wings of banks adept at capital flight', Financial Times, 26 Nov. 2009; Warwick Commission on International Financial Reform, In praise of unlevel playing fields (Coventry: University of Warwick, 2009).
36. Quote from US Treasury, 'Press briefing by Treasury Secretary Tim Geithner on the G20 meeting', Pittsburgh, 24 Sept. 2009.
37. Tony Porter used the phrase 'network of networks' to refer to the FSF in his 'Compromises of embedded knowledge' in Stephen Bernstein and Louis Pauly, eds, Global liberalism and political order (Albany: State University of New York Press, 2007), p. 124.
38. G20, 'Leaders' statement', Pittsburgh summit, 24-25 Sept. 2010, http://www.pittsburghsummit.gov/mediacenter/129639.htm.
39. For the latter, see John Williamson, The failure of international monetary reform 1971-4 (New York: New York University Press, 1977).
40. Tony Porter, 'Why international institutions matter in the global credit crisis', Global Governance 15: 1, 2009, pp. 3-8.
41. Niall Ferguson, The ascent of money (New York: Penguin, 2008).
42. United Nations, Report of the Commission of Experts of the President of the United Nations General Assembly on reforms of the international monetary and financial system (New York: United Nations, 21 Sept. 2009).
43. See Paolo Guerrieri's article in this issue.
44. See esp. Zhou Xiaochuan, 'Reform the international monetary system', http://www.pbc.gov.cn/english/detail.asp?col=6500&id=178.htm, accessed 10 April 2010. See also Paola Subacchi's article in this issue.
45. 'Speech by M. Nicolas Sarkozy, President of the French Republic', at the 40th World Economic Forum, Davos, 27 Jan. 2010, http://www.ambafrance-ca.org/IMG/pdf/DAVOSenglish_version.pdf, accessed 10 April 2010.
46. See also Diana Tussie's concept of 'alternative globalizers' in her 'Hemispheric relations: budding contests in the dawn of a new era', in Andrew Cooper, Gordon Mace and Tim Shaw, eds, Interamerican cooperation at a crossroads (Basingstoke: Palgrave Macmillan, forthcoming).