Bretton Woods at 75: Global Cooperation under Threat
The
Bretton Woods ideal has shaped the post-second world war era largely because of its commitment to institutionalised cooperation. Between 1950 and 2017 the volume of world trade increased 39 times, and global income
per capita grew fourfold as population roughly trebled. But in this article for the
Financial Times, Martin Wolf identifies challenges to the Bretton Woods system due to the shift away from western and, especially U.S. dominance, with China’s rise to superpower status. He suggests that regional development banks, including the
Asian Infrastructure Investment Bank and the
New Development Bank, sponsored by China, now provide a far more institutionalised form of economic co-operation than that provided by the IMF, the World Bank group and the WTO.
https://www.ft.com/content/e82a1f48-a185-11e9-a282-2df48f366f7d />
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