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1960–68: From Orthodoxy to Heresy

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US Power in International Finance

Part of the book series: International Political Economy Series ((IPES))

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Abstract

John Ruggie refers to the post-war international economic order as a ‘compromise of embedded liberalism’, whereby states accepted a relatively open trading and monetary system in return for greater control over their domestic economies.2 Reflecting the US’s post-war politico-economic dominance, the reconstruction of the international monetary system under Bretton Woods established the dollar as the numeraire currency. The extension of US structural power in international finance depended upon the new role of the dollar and the interactive embeddedness of Washington and Wall Street.

What used to be a heresy is now endorsed as orthodox

John Maynard Keynes1

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Notes

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Authors and Affiliations

  1. Government and International Relations School of Economics and Political Science, University of Sydney, Australia

    Leonard Seabrooke

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© 2001 Leonard Seabrooke

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Seabrooke, L. (2001). 1960–68: From Orthodoxy to Heresy. In: US Power in International Finance. International Political Economy Series. Palgrave Macmillan, London. https://doi.org/10.1057/9780230513365_3

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