chapter  11
Keynes and the Postwar International Economic Order
ByJohn Williamson
Pages 12

Keynes was already beginning to turn his thoughts toward the problem of reconstructing an international economic order after the war. The postwar boom was notable not just for the rapidity of world growth but also for its generalization to the furthest corners of the globe and, for the best part of twenty years, for its stability. It is interesting to note that this latest boom coincides with a period in which there was a recognizable international economic order, in which countries recognized certain rules of the game as governing their economic conduct. Keynes had envisaged his international clearing union as settling bilateral imbalances between a series of central banks. Keynes was therefore confronted with conflicting pulls: personal pride of authorship in certain rejected proposals versus a hope that what was acceptable would contribute to a better world.