In this paper we analyse why an understanding of the global 'non-system', in which we now
live, took so long to arrive after the Bretton Woods system collapsed in 1971. We first …

This paper first describes the Bretton Woods system: its origin, what it was meant to achieve,
and why it collapsed. We then describe the emergence of the global non-system in which …

After a decade of financial crises, international economic leaders have begun to talk about
the need for reform. Yet, while they speak in dramatic terms of a 'new financial architecture' …

I agree with Paul Davidson's assessment of the positive role that the Bretton Woods system
played in nurturing world prosperity during the 1950s and 1960s, and I have indeed …

Eichengreen. 1 This NBER publication assembles the proceedings of a conference held in
the autumn of 1991, on the twentieth anniversary of the suspension of gold convertibility and …

Are there predictable cycles in exchange-rate regimes? Can these cycles be predicted in
terms of the rules-versus-discretion theory of monetary policy? The experience of the last …

This note comments on the state of macroeconomics, arguing that the micro founded macro
that developed after 1970s has been a wasteful detour. The paper will appear in a …

We spell out the policy settings necessary for the rapid adaptation and market re-
coordination that is required to resuscitate the economy. We explain why a return to …

Proponents of the so‐called New Economy claim that it entails a structural change of the
economy. Such a change, in turn, would require the central bank to rethink its monetary …

The Bretton Woods Conference of 1944 resulted in the formation of the International
Monetary Fund and World Bank and helped lay the foundation for an unprecedented …