The transition to a more pluralistic distribution of economic power has led to growing discontent with the privileged role of the U.S. dollar as an international currency. As in fact, the central banker of the world, the United States, determined by their deficit, the level of international liquidity. In an increasingly interdependent world, U.S. policy has strongly influenced economic conditions in Europe and Japan. As long as other countries were willing to hold dollars, the United States could spend heavily on political purposes – military activities and foreign aid – without the risk of balance-of-payments restrictions. Economists and other planners understood in 1944 that the new system could only begin after a return to normality after the interruption of the Second World War. It was expected that after a short transition period, the international economy would not recover for more than five years and that the system would be operational. When many of the same experts who observed the 1930s became the architects of a unique new postwar system at Bretton Woods, their guiding principles became „more a beggar in your neighbour“ and „the currents of control of speculative financial capital.“ It was desirable to avoid a repeat of this process of competition devaluation, but in a way that would not force debtor countries to reduce their industrial base by keeping interest rates high enough to attract foreign bank deposits. John Maynard Keynes, who refrained from repeating the Great Depression, supported the British proposal to force surplus nations to import from debtor countries, either to import from debtor countries, to debtor countries or to debtor countries.

[10] [11] The United States rejected Keynes` plan and a senior U.S. Treasury official, Harry Dexter White, rejected Keynes` proposals for an International Monetary Fund with sufficient resources to counter destabilizing flows of speculative financing. [12] However, unlike the modern IMF, White`s proposed fund would have automatically countered dangerous speculative currents, without political strings being made – that is, no IMF conditionality. [13] Economic historian Brad Delong writes that Keynes was then proved by events at almost every point where he was rejected by the Americans. [14] [doubtful] 2. Promoting exchange rate stability among international currencies, and after World War II, Western allies, under the leadership of the United States, met at Bretton Woods in 1944 to agree on an international monetary system. The Bretton Woods Agreement of 1944 introduced a new global monetary system.