Tag: Bretton Woods
Ironically, it was Stalin who was responsible for the economic reconstruction of Europe and the Bretton Woods system’s birth, Mauricio Metri writes.
Today the world has captured a second chance to revive the “great dream”. In the 21st century, this great dream has taken the form of the New Silk Road, led by Russia and China (and joined by a growing chorus of nations yearning to exit the invisible cage of colonialism).
The failure to take into accurate account the vast changes and growth in the world’s physical economy is on display in the case study of Venezuela, whose leadership reflects a rational model, but which does not follow the diktats of the Washington Consensus.
Central banks are key institutions responsible for issuing currency, monitoring private banks and carrying out a country’s monetary policy. In terms of their influence on a country’s economy, central banks may surpass all the economic agencies of an executive branch, including ministries of finance (treasuries). Central banks are not a part of any of the three branches of government (legislative, executive and judicial). Their special status, which makes them independent from the state, is set out in constitutions and special laws…