The Question of Growth in a Global Economy
The Question of Growth in a Global Economy
This chapter complicates the widely accepted view that the postwar international monetary system was defined by “embedded liberalism”—the belief that national economic growth needed to take priority over international monetary stability. The late 1950s and early 1960s was a critical period of debate within the international organizations of international economic governance over the question of what the appropriate relationship should be between economic growth and balance of payments equilibrium in an increasingly liberal global economic environment. Embedded liberal ideas had to fight for space against the orthodoxy of classical liberalism within key intergovernmental organizations of postwar international economic management.
Keywords: Organization for Economic Cooperation and Development, Bank for International Settlements, classical liberalism, policy ideas, economic growth, monetary orthodoxy
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