Reform or Realignment? The Geopolitical Lessons of Bretton Woods
Rising economic pressures, including President Trump’s trade wars and the intensifying competition between the U.S. and China, are calling into question the foundations of the global economy. The history of Bretton Woods provides a common reference point to those seeking to reform the international economic order. In the last decade, there has not only been deepening skepticism about the continued efficacy of the liberal international order - but also much debate as to whether it ever served to generate peace, stability, and distributed well-being. In this paper for
Carnegie, Matthew Hamilton explores these pressures and identifies two paths forward: reforming the terms of economic multilateralism, or rejecting that order. Drawing on the history of Bretton Woods, the author advocates pursuing reform and staving off the economic and geopolitical spiral that could result from total realignment in an unstable landscape.
https://carnegieendowment.org
Related Articles:
