Jump to ContentJump to Main Navigation
Unwitting ArchitectGerman Primacy and the Origins of Neoliberalism$
Users without a subscription are not able to see the full content.

Julian Germann

Print publication date: 2021

Print ISBN-13: 9781503609846

Published to Stanford Scholarship Online: May 2021

DOI: 10.11126/stanford/9781503609846.001.0001

Show Summary Details
Page of

PRINTED FROM STANFORD SCHOLARSHIP ONLINE (www.stanford.universitypressscholarship.com). (c) Copyright Stanford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in SSO for personal use.date: 26 September 2021

Unwinding Bretton Woods

Unwinding Bretton Woods

The Deutsche Mark Float and the Renewal of Stability Politics

Chapter:
(p.79) Chapter 4 Unwinding Bretton Woods
Source:
Unwitting Architect
Author(s):

Julian Germann

Publisher:
Stanford University Press
DOI:10.11126/stanford/9781503609846.003.0005

This chapter asks how German policymakers responded to the monetary turbulences that signaled the end of the golden age of capitalism from the mid-1960s onward. To address this question, the chapter challenges the popular view that Bretton Woods died at the hands of a declining US hegemon and zooms in on the actions of its allies: while French attempts to push the US toward monetary reform destroyed the dollar-gold standard as early as March 1968, German efforts to protect themselves from the abuse of dollar seignorage upended the regime of fixed exchange rates three years later. The chapter argues that, unlike elsewhere in the advanced industrialized world, the shift toward floating enabled the German state to double down on price stability and restabilize its embedded liberal compromise—an experience that framed how German policymakers would respond to the wider economic turmoil of the 1970s.

Keywords:   Bretton Woods, embedded liberalism, monetary policy, exchange-rate policy, Germany, Bundesbank, hegemony, monetarism, dollar-gold standard

Stanford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us.