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Keynes's Bretton Woods Vision, Global Monetary Disorder, and the US Dollar Today
Joerg Bibow (Skidmore College and Levy Economics Institute)
Abstract:
The history of the global monetary order seems to rhyme: there appears to be a cycle featuring periods of relative order or disorder. The global financial crisis of 2007/9 appears to have ended what may be described as a neoliberal order of U.S. dollar supremacy and globalized finance. Today’s world economy features a global monetary order that does not really seem to suit all that many countries.
Taking my theoretical cue from Keynes of the General Theory, I will explore the evolution of global monetary relations since the Bretton Woods order that Keynes helped to establish. How does today’s global monetary order differ from Keynes’ original vision, as captured by his early Bretton Woods drafts, and how we got here? I will also dare a peek into the future and speculate whether the chances for realizing his vision may be getting any better. 80 years after the publication of The General Theory of Employment, Interest and Money, are Keynes’ ideas, specifically his vision for the global monetary order, still relevant to the contemporary world?
Speaker biography:
Jörg Bibow is a professor of economics at Skidmore College. His main research areas are international finance and European integration, as well as international trade and development and the history of economic thought. A particular research focus is central banking and financial systems and the effects of monetary policy on economic performance, especially the monetary policies of the Bundesbank and the European Central Bank. This work builds on his earlier research on the monetary thought of John Maynard Keynes. Bibow has lectured at the University of Cambridge, University of Hamburg, and Franklin University Switzerland on central banking and European integration, and was a visiting scholar at the Levy Institute. He received a bachelor’s degree with honors in economics from the University of the Witwatersrand, a diplom-volkswirt from the University of Hamburg, and MA and Ph.D. degrees in economics from the University of Cambridge.
Speaker(s): Joerg Bibow (Skidmore College and Levy Economics Institute), Jan Toporowski (SOAS)
Event Date:
19 October 2017
Released by:
SOAS Economics Podcast
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By SOAS Economics Podcast
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Joerg Bibow (Skidmore College and Levy Economics Institute)
Abstract:
The history of the global monetary order seems to rhyme: there appears to be a cycle featuring periods of relative order or disorder. The global financial crisis of 2007/9 appears to have ended what may be described as a neoliberal order of U.S. dollar supremacy and globalized finance. Today’s world economy features a global monetary order that does not really seem to suit all that many countries.
Taking my theoretical cue from Keynes of the General Theory, I will explore the evolution of global monetary relations since the Bretton Woods order that Keynes helped to establish. How does today’s global monetary order differ from Keynes’ original vision, as captured by his early Bretton Woods drafts, and how we got here? I will also dare a peek into the future and speculate whether the chances for realizing his vision may be getting any better. 80 years after the publication of The General Theory of Employment, Interest and Money, are Keynes’ ideas, specifically his vision for the global monetary order, still relevant to the contemporary world?
Speaker biography:
Jörg Bibow is a professor of economics at Skidmore College. His main research areas are international finance and European integration, as well as international trade and development and the history of economic thought. A particular research focus is central banking and financial systems and the effects of monetary policy on economic performance, especially the monetary policies of the Bundesbank and the European Central Bank. This work builds on his earlier research on the monetary thought of John Maynard Keynes. Bibow has lectured at the University of Cambridge, University of Hamburg, and Franklin University Switzerland on central banking and European integration, and was a visiting scholar at the Levy Institute. He received a bachelor’s degree with honors in economics from the University of the Witwatersrand, a diplom-volkswirt from the University of Hamburg, and MA and Ph.D. degrees in economics from the University of Cambridge.
Speaker(s): Joerg Bibow (Skidmore College and Levy Economics Institute), Jan Toporowski (SOAS)
Event Date:
19 October 2017
Released by:
SOAS Economics Podcast