Reinterpreting Bretton Woods: International Development and the Neglected Origins of Embedded Liberalism

Abstract

ABSTRACT This article offers a reinterpretation of the origins of the 1944 Bretton Woods Agreements, one that is of particular significance to scholars of international development. Conventional wisdom holds that the Agreements were primarily a product of US–British negotiations between 1942 and 1944, in which little attention was paid to international development issues and the concerns of poorer countries. This article demonstrates that the innovative ‘embedded liberal’ vision of Bretton Woods was in fact first put forward in the context of US–Latin American financial relations in the 1938–42 period, and that this experience influenced the subsequent Bretton Woods negotiations. The analysis highlights that the architects of Bretton Woods did not ignore development issues but rather attempted to pioneer a new model for both North–North and North–South economic relations. If this has been subsequently overlooked by historians, it may be because this latter feature of Bretton Woods was quickly buried by US policy makers in the immediate post‐war years. This historical reinterpretation helps both to explain some important puzzles about the origins of the Bretton Woods Agreements and to shed new light on the place of international development issues in the evolution of the post‐war international economic order.

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