Global Imbalances and the Lessons of Bretton Woods
In Global Imbalances and the Lessons of Bretton Woods, Barry Eichengreen takes issue with the argument that today's international financial system is largely analogous to the Bretton Woods System of the period 1958 to 1973. Then, as now, it has been argued, the United States ran balance of payment deficits, provided international reserves to other countries, and acted as export market of last resort for the rest of the world. Then, as now, the story continues, other countries were reluctant...
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Why the current Bretton Woods-like international financial system, featuring large current account deficits in the center country, the United States, and massive reserve accumulation by the periphery, is not sustainable.
\ From the Publisher"Eichengreen's book should be the starting point for the debate about what will happen after the inevitable end of an unsustainable system. With this and his many other books,Eichengreen has established himself as one of the most important voices in that debate." Rawi Abdelal Business History Review\ \
