By Armand Van Dormael
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Extra resources for Bretton Woods: Birth of a Monetary System
Keynes has completely failed to see and understand is that the idea of non-discrimination ... is not a philosophical concept but rather a matter involving considerations of practical politics and economics. The imposition of high, though nondiscriminatory, trade barriers for the protection by a country of its own producers does and has aroused resentment, but this resentment is mitigated by the fact that a certain degree of preference by a government for its nationals is understandable and tolerable.
The Fund would consist of SlO,OOO million in gold, currency, and government securities. Each participating country would turn over to (or invest in) the Fund a certain amount, 'based upon pertinent considerations including national income, gold holdings, population, foreign debt'. Control of the Fund would be vested in the representatives appointed by the participating governments. S. S. e. ' The treasury of each participating country would have the privilege of offering to the Fund its local currency in return for any other currency, except dollars, at rates determined by the Fund.
He wanted South American countries to be remembered in any world statement. 2 Secretary Hull had immediately asked Under-Secretary Dean Acheson to prepare a draft along the lines requested by the President. Several groups in the State Department produced a number of ideas, and, since Keynes was in Washington, it seemed advisable to discuss them with him. 21 22 Bretton Woods Keynes thought the draft satisfactory. The phraseology of the clause concerning post-war economic relations is widely drawn and there is nothing which would seem to require formal consultation with the Dominions.
Bretton Woods: Birth of a Monetary System by Armand Van Dormael