Word: bretton
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Dates: during 2000-2009
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That's what the U.S. and the world's other big economies did during the 25 years after World War II. The Bretton Woods system, named after the New Hampshire resort town where the agreements were drawn up, brought unprecedented growth in global prosperity by bringing order to financial markets that depression and war had turned upside down...
...very prosperity that Bretton Woods enabled was its undoing. As Germany and France returned to the ranks of major economic powers, and Japan began its climb to get there, the exchange rates set up after the war and adjusted only slightly afterward made no sense anymore. Attempts to update the system collapsed in 1971, and the world's major economies moved to freely floating currencies. The transition wasn't pretty: stock markets plummeted, banks failed, oil exporters jacked up prices and inflation raged--especially...
What were your ambitions for the Continent? At the beginning of the 1970s, I was in the Cabinet of French Prime Minister Jacques Chaban-Delmas and I watched the dollar wavering, the end of the Bretton Woods system and the first oil crisis. Faced with all that, I saw Europe as helpless, disabled and divided. I said to myself that, if this continues, it will undoubtedly mean the decline of Europe. The first measures I proposed as President of the European Commission permitted us to unite and react together against great shocks from outside, and to become more competitive...
...keep proclaimed interests from extending beyond actual capabilities." He linked Wilsonian ideals to a realist vision, combining the attractive power of his Four Freedoms with the idea of four policemen (later five, with the addition of China) as permanent members of the U.N. Security Council. And in the Bretton Woods economic institutions, he laid a basis for global economic stability...
Unfortunately, this happy solution is unlikely to materialize because the global economic equilibrium seems stable as it is. Thanks to Asia, the transpacific economy is thriving, driven by what economists have characterized as a second, informal Bretton Woods system, in which Asian central banks finance America’s consumption...