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★★★★★ 5
The Battle of Bretton Woods
Format: Hardcover
From the growing reliance upon international finance and the devastating repercussions of two World Wars, Steil weaves together an important narrative that tells the story of America's rise to the world stage as a major power. Britain's reign of dominance comes to an abrupt end under the weight of the Second World War and the dependence of their territories. Reliance on foreign aid and mounting debt put Britain in a precarious situation for which the United States capitalized on to secure its place as the dominant world power. Through the ideas and experiences of two brilliant economists, Harry White and John Keynes, were guided through the creation and implementation of an economic solution to remedy, and further amalgamate the global financial framework. At Bretton Woods, White and Keynes promote slightly different plans that form the International Monetary Fund and World Bank; organizations designed to monitor, stabilize, and assist international finance. To Britain, and much of the world's chagrin, the organizations are formed in a manner that benefited the United States post-World War Two position as a creditor nation. Dollar dominance in the newly designed financial markets promotes short-term growth for the United States. However, financial mismanagement and over-extension soon lead the U.S. down a path of monetary hardship that ultimately results in our current situation as debtor nations (much like Britain was when the story began). The author ends the narrative by chronicling the effects of Bretton Woods on the United States, Britain, and international finance from the mid-twentieth century to the present. This book tells the remarkable story of America's rise to power through a financial lens. Steil is a wonderful writer who describes complex ideas of monetary policy, international economics, and currency manipulation in such a manner that is easy to understand and leaves the reader wanting more.
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Reviewed in the United States on August 16, 2013
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