Financial Institutions: Globe and Mail Article

What was the purpose of the Bretton Woods Conference in July 1944?

To design a postwar international economic system ensuring stability, growth, and peace.

Who were the leading figures at the Bretton Woods Conference?

John Maynard Keynes (UK) and Harry Dexter White (USA).

What significant outcomes resulted from the Bretton Woods Conference?

Creation of the International Monetary Fund (IMF) and the World Bank.

What symbolized U.S. cultural and economic ascendancy at the conference?

Coca-Cola bottles.

What major global event coincided with the Bretton Woods Conference?

World War II battles, including the Normandy invasion.

What was Keynes' critique of the Versailles Treaty?

He described it as a 'monstrous monkey house', reflecting chaotic negotiations.

What was the core aim of the Bretton Woods system?

To establish an open, rules-based global trading system.

What economic crises led to the creation of the Bretton Woods system?

Versailles reparations, 1920s inflation/deflation crises, the Great Depression, and World War II.

How did Bretton Woods impact international trade since 1950?

Enabled international trade volumes to expand 45-fold.

What were the contrasting views of Douglas Irwin and Dani Rodrik regarding globalization?

Irwin defended globalization, while Rodrik criticized hyper-globalization for undermining democracy.

What significant shift occurred in China's economic role from 1995 to 2020?

China's share of global manufacturing exports increased from 3% to 20%.

What is the Thucydides Trap?

A warning of potential conflict between rising and established powers.

What role did Canada play at the Bretton Woods Conference?

Mediated between the U.S. and UK and was praised for its contributions.

What does Irwin propose for the future of globalization?

To unite like-minded democracies around U.S. leadership and avoid protectionist policies.

What was a key lesson from the historical context of Bretton Woods?

When globalization faltered amid great-power rivalry, it led to World War I and crises before Bretton Woods restored order.

What was the impact of the 2008 global financial crisis on globalization?

It exposed contradictions of unfettered liberalization.

What is the CPTPP and its significance?

The Trans-Pacific Partnership embodies a model of open, adaptive trade that counters China's influence.

What does the term 'hyper-globalization' refer to?

An extreme form of globalization that undermines national sovereignty and democracy.

What was the 'China shock'?

The economic disruption caused by China's rise and Western deindustrialization.

What did Keynes' work 'The Economic Consequences of the Peace' critique?

The Versailles Treaty and its implications for future economic stability.

What was the significance of the 2016 U.S. election in relation to globalization?

It symbolized a backlash against elite globalism and the economic-political compromise of Bretton Woods.