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Architects of AusterityInternational Finance and the Politics of Growth$
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Aaron Major

Print publication date: 2014

Print ISBN-13: 9780804788342

Published to Stanford Scholarship Online: September 2014

DOI: 10.11126/stanford/9780804788342.001.0001

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The Question of Growth in a Global Economy

The Question of Growth in a Global Economy

(p.46) 3 The Question of Growth in a Global Economy
Architects of Austerity

Aaron Major

Stanford University Press

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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