From Bretton Woods to the Float

  • Michael Beggs


The following four quotations, from a range of political and analytical perspectives, all present what has become part of the common sense of political-economic history: that the transition from the Bretton Woods regime to a world of flexible or floating exchange rates imposed the discipline of the global economy on governments. This idea — that international constraint was a novelty of the post-Bretton Woods period — is contradicted by the argument stated in Chapter 2: that Australian macroeconomic policymakers were motivated to prioritise disinflation in the 1950s by the demands of ‘external balance’. Furthermore, I showed there that many economists of the 1950s and 1960s saw a flexible, if not floating, exchange rate as a way out of this constraint — an extra policy instrument and another degree of freedom:


Exchange Rate Foreign Direct Investment Monetary Policy Central Bank Money Supply 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Copyright information

© Michael Beggs 2015

Authors and Affiliations

  • Michael Beggs
    • 1
  1. 1.University of SydneyAustralia

Personalised recommendations