Word: keynesism
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In 1924, Smith published the results as a book called Common Stocks as Long Term Investments. It was a sensation. Smith--a businessman of no great distinction up to that point--launched a mutual-fund company on the strength of his sudden fame and got an invite from John Maynard...
Even in its revamped form, the IMF will be less of a significant player on the world stage than its founders intended at the Bretton Woods conference in 1944. Back then, the resources allocated to the IMF amounted to more than half of the world's current account payments. Today...
Shift those foreign dollar reserves into SDRs, the reasoning goes, and global finance suddenly becomes much more balanced. By no longer needing to load up on dollars, countries like China would have less incentive to run big trade surpluses with the U.S. This line of thought goes back to English...
Keynes led the British delegation to the 1944 conference in Bretton Woods, N.H., where Allied officials determined the postwar shape of the global financial system. He was unable to persuade his U.S. counterparts to give the institution at the heart of the new system, the IMF, the money-creation powers...
I have no doubt that Paul Krugman or Joseph Stiglitz will sober up my analysis of the summit in the next few days. But, for now, I’m chalking up this one as a small win and my “animal spirits,” to quote...