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By Robert W. Oliver

On December 14, 1945, the home of Commons voted 314 to 50 to ratify the Agreements negotiated at Bretton Woods, New Hampshire, approximately a 12 months and a part past. Lord Keynes had back from Washington to guard the Fund and the financial institution, of which he and Harry White have been the relevant authors, in addition to to justify an American personal loan to Britain - following President Harry S. Truman's abrupt postwar determination to terminate all land-lease advice to its wartime allies, an occasion which triggered the Conservative MP Robert Boothby, to claim: 'This is our monetary Munich'. this day, fifty years later, nearly the entire governments of the area became participants, and the capital subscriptions have elevated many fold. yet questions have arisen. possibly the Fund and the financial institution will be merged. a few argue that 50 years are sufficient, no less than for the financial institution. Others think that, whereas enlargement may still proceed, the emphasis could be redirected towards the relief of poverty in Africa and southern Asia. this can be an account of the ancient occasions of the interwar years and after. it's also a narrative in regards to the liberal philosophies of the political economists, essentially British and American, who produced of the good foreign associations of our time.

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But optimism and prosperity prevailed in most of the world on New Year's Day, 1929, the year of the crash. R. K. A. 6g 67 64 63 53 53 The center of the depression was the United States, the nation which produced just under half of the industrial output of the entire world in 1929. The fall of American income coupled with the Smoot-Hawley tariff of 1930 and the decline in capital exports reduced the annual flow of dollars to the rest of the world in 1932 to less than one-third of what it had been in 1929.

There were hints at Genoa that the United States could be of assistance in restoring currency and exchange stability in Europe, but there was no suggestion as direct as that made by J. M. Keynes in theManchester Guardian: ... I suggest that for a period of five years the Federal Reserve Board of the United States might agree to make temporary loans of gold from time to time at a rate of interest of I o per cent per annum (such interest to be paid into a guarantee fund) to any of the participating central banks which require it up to I 5 per cent of the standard note circulation of each, subject to a maximum of $xso,ooo,ooo for any one country and an aggregate of $soo,ooo,ooo at any time; all the participating central banks to guarantee the Federal Reserve Board against ultimate loss (after allowing for the assets in the guarantee fund) in proportion to the amount of the standard note circulations of each.

Similarly to be ruled out is the scheme for an international foreign exchange bank to stabilize exchange. Such a bank could accomplish its purpose only so long as its American stockholders or its American depositors provided unlimited dollars for the purpose of purchasing European exchange ... ' It could function only if the United States Treasury or American bankers continually made good the debits of the European members of the clearing house. a Anderson recognized the 'dollar shortage' aspects of the reconstruction problem, but he did not recognize the difficulties of restoring European production in the absence of an American financed European recovery program.

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