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As the new Russian state struggles with the transition to a market
economy, the need for radical monetary reform becomes increasingly
urgent. The choice of reform is crucial, for it will largely
determine Russia's future economic performance. In order to break
free of the lingering effects of Soviet central planning, the new
Russian state needs a stable, convertible currency.
The Bretton Woods Transcripts, edited by Center for Financial Stability Senior Fellow Kurt Schuler and Research Associate Andrew Rosenberg, offer a front row seat at the conference that shaped the international monetary system for nearly 70 years. The Bretton Woods transcripts were never intended for publication, and give an inside perspective of what participants at this major international gathering said behind closed doors. Schuler and Rosenberg spent more than a year carefully and skillfully editing never before published transcripts as well as creating summaries of meetings and participants that established the International Monetary Fund, the World Bank, and post World War II international financial system. The transcripts reveal an untold story from World War II, as well as the vision of luminaries such as John Maynard Keynes, future presidents, prime ministers, and other world leaders. Despite a war still waging in 1944, delegates from 44 nations worked tirelessly in Bretton Woods, New Hampshire to construct a financial system that would promote growth, minimize global imbalances, and foster stability. The Bretton Woods Conference began a new era in international
economic cooperation that continues today. PRAISE FOR THE BRETTON WOODS TRANSCRIPTS "Even though there have been thousands and thousands of pages
written about the Bretton Woods Conference, nothing beats the
transcripts for a first-hand feel of what transpired." Kurt Schuler, Andrew Rosenberg and the Center for Financial
Stability deserve our thanks and congratulations for having
unearthed and then nicely reproduced and edited the original
Bretton Woods transcripts. This is truly a treasure trove for
historians, showing exactly who said what to whom, when and why at
that iconic Conference. The global economy is stuck with low growth rates and over
indebtedness in many leading countries today. Thus, what better
than to counter now with how the founding fathers of the IMF and
the World Bank negotiated a broad consensus to create an
institution with a clear technical, financial, and macro
mandate? Bretton Woods set the standard for all future international
economic conferences. These transcripts are a precious contribution
to historical study and more importantly an inspiration for those
charged with shaping the future. A fascinating new book, The Bretton Woods Transcripts, has just
been published by the Center for Financial Stability. Kurt Schuler
and his coeditor Andrew Rosenberg have done a remarkable job of
making the book user friendly. Their commentary is fascinating in
its own right. Everyone thinks they know what happened at Bretton Woods, but
what they know has been filtered by generations of historical
accounts. By publishing the Bretton Woods transcripts, Kurt Schuler
and Andrew Rosenberg provide the unfiltered version. International
monetary history will never be the same.
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