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4.7 ★★★★★
Based on 21 reviews
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Product Reviews
★★★★★ 3
History worth reading
Format: Kindle
Presents the history of the Bretton Woods conference, creation of the World Bank and the IMF and global and US politics surrounding the events. Discussion of Harry Dexter White, key US representative at Bretton Woods focuses on claims he was a Soviet spy beginning in the late 1930s and continuing through the conference and into the late 1940s; spends more time than necessary on this even though it is not clear how this affected the outcome of the conference. Most of the discussion of Keynes is on his reputation rather than his economics. Not the definitive history of Bretton Woods.
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Reviewed in the United States on July 10, 2013
★★★★★ 4
Foes at the Top Table
Format: Kindle
Those of us who studied economics in the 60s grew up on Keynes. This book provides a fascinating picture of the great man in action. And an equally fascinating picture of the Lend Lease negotiations and then the US hard line at Bretton Woods. Behind this hard line was Harry Woods, of Lithuanian emigre stock, who clawed his way by hard work and intelligence to negotiating prominence in the US Treasury. And who was a Soviet agent of influence. Well written, lucid, and remarkably interesting.
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Reviewed in the United States on May 19, 2013
★★★★★ 5
A distant mirror of our current problems
Format: Hardcover
The title of this excellent book accurately describes its contents:it is about a battle fought to define a new world order, that which was emerging from the ashes of World War II. The book also conveys the messy complexity of such a historical process--how individual characters interpreted the events around them, realized that they were giving shape to a radically new future, tried to take advantage of them to advance their own personal and national interests, and succeeded in accordance with their intelligence, the cunning of their argumentation, and, above all, the shifts in the real power that supported them. Masterly, Benn Steil makes the reader feel how Keynes and White gradually reached an unspoken and unrecognized agreement regarding the shape that the new world would have, and then fought to gain advantage in that new world--Keynes trying to keep the British Empire paramount in the world order, now based not on the Royal Navy but on Britain's alliance with the United States, the emerging superpower, and White asserting the unimpeded power of the United States. Focusing on one crucial aspect of the new order, money, Steil is able to reenact the human drama of the transfer of world power from Britain to the United States in all orders of life. It is an excellent history book.
The book, however, goes beyond history as the narration and understanding of past events. When reading it, there is an eerie feeling that you are reading about current events. The process that led to Bretton Woods started thirty years before, with World War I and the end of the classical gold standard. When the war ended, a new monetary system was created, which was called the gold exchange standard. It resembled but emasculated the power of the old gold standard to keep monetary order in the world at large. This new system gave central banks the power to create money independently of the international consequences of doing it. With time, central banks abused this power, created a boom in the 1920s and then a depression in the 1930s. Bretton Woods was convened to reintroduce order in the monetary world. Like the gold standard of old, the new system created there was tied to gold in an effort to ensure stability. Yet, it also allowed central banks freedom to create money under certain circumstances. As it happened in the 1920s and 1930s, central banks abused their power, blew up the international system (in this case the Bretton Woods system) and then led the world into a series of booms and busts that has not ended as yet. A new monetary order will be needed to avoid worldwide inflation and protracted recessions. To understand the issues that will be crucial to give shape to this new monetary order it will be necessary to revisit the making of Bretton Woods in detail. There is no better way to understand these issues that Ben Steil's The Battle of Bretton Woods. Thus, in addition to being an excellent history book, it is also an excellent book about current events.
Full disclosure: I wrote a previous book with Benn Steil: Money, Markets and Sovereignty (Yale University Press, 2009).
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Reviewed in the United States on May 28, 2013
★★★★★ 5
The Battle of Bretton Woods
Format: Hardcover
From the growing reliance upon international finance and the devastating repercussions of two World Wars, Steil weaves together an important narrative that tells the story of America's rise to the world stage as a major power. Britain's reign of dominance comes to an abrupt end under the weight of the Second World War and the dependence of their territories. Reliance on foreign aid and mounting debt put Britain in a precarious situation for which the United States capitalized on to secure its place as the dominant world power. Through the ideas and experiences of two brilliant economists, Harry White and John Keynes, were guided through the creation and implementation of an economic solution to remedy, and further amalgamate the global financial framework. At Bretton Woods, White and Keynes promote slightly different plans that form the International Monetary Fund and World Bank; organizations designed to monitor, stabilize, and assist international finance. To Britain, and much of the world's chagrin, the organizations are formed in a manner that benefited the United States post-World War Two position as a creditor nation. Dollar dominance in the newly designed financial markets promotes short-term growth for the United States. However, financial mismanagement and over-extension soon lead the U.S. down a path of monetary hardship that ultimately results in our current situation as debtor nations (much like Britain was when the story began). The author ends the narrative by chronicling the effects of Bretton Woods on the United States, Britain, and international finance from the mid-twentieth century to the present. This book tells the remarkable story of America's rise to power through a financial lens. Steil is a wonderful writer who describes complex ideas of monetary policy, international economics, and currency manipulation in such a manner that is easy to understand and leaves the reader wanting more.
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Reviewed in the United States on August 16, 2013
★★★★★ 5
A concise, readable history of European developments prior to W.W. i.
Format: Paperback
This is part of a 4 volume series on (primarily) European history covering the development of the French and Industrial revolution(s) with particular emphasis on the Belle Epoque that marked the end of nearly 100 years of peace among the European Powers. It covers a variety of topics ranging from the emergence of the working classes; the role of the middle class; industrial capitalism; nationalism; the sciences and the arts; and, even a chapter on the "New Woman". Quite encompassing in its treatment and its analysis of the a period that serves as a background to the twentieth century.
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Reviewed in the United States on August 3, 2018