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When borders don't matter: development and global culture - The Keynesian consensus - Bretton Woods

Q: What factors were important for ensuring the expansion needed?

Part of the growth was due to increased military spending , especially by the US. Another key factor in ensuring growth was the availability of inexpensive energy sources , especially oil. In the postwar period, Europe and Japan reduced their use of coal and became heavily reliant upon imported oil. New technology played its role as well. In 1965 an international agreement established a standard size for transport containers, making it possible for ships from every nation to move goods efficiently from port to port.

7 important questions on When borders don't matter: development and global culture - The Keynesian consensus - Bretton Woods

What is the purpose of the World Bank?

The purpose of the World Bank was to make reconstruction loans to member states either directly or by guaranteeing separate loans made by private institutions.

What style of economics was the IMF not interested in?

The USSR had sent observers to the Bretton Woods conference, but Stalin never applied for membership in either organization.
It was clear early on that neither the IMF nor the World Bank was interested in assisting states that adopted Marxist-style economies.

Who took the leadership role in the IMF?

Americans assumed the key leadership roles, and the US banking community, source of so much of the private-loan capital, wielded inordinate influence over policy decisions.

What rebounded Western Europe?

Together with Marshall Plan, World Bank, and IMF funding, the new trade protocols enabled Western Europe's war-torn economies to rebound, and living conditions improved dramatically during the 1950s.

Who benefited most from the reduction in tariffs?

As the world's largest manufacturer, however, the US benefited most from the overall reduction in tariffs and other trade barriers negotiated under GATT.

What did the 20-year period between 1950 and 1970 represent?

Overall, the 20-year period between 1950 and 1970 represented an age of unprecedented expansion in production and world trade within the non-communist bloc.

What factors were important for ensuring the expansion needed?

Part of the growth was due to increased military spending, especially by the US.
Another key factor in ensuring growth was the availability of inexpensive energy sources, especially oil. In the postwar period, Europe and Japan reduced their use of coal and became heavily reliant upon imported oil.
New technology played its role as well. In 1965 an international agreement established a standard size for transport containers, making it possible for ships from every nation to move goods efficiently from port to port.