Summary:

Between 1941 and 1946, in response to the devastation caused by World
War II, memories of the Great Depression, and the prospect of Soviet
expansion, a group of politicians, diplomats, and economists in the
United States and Great Britain sought to repair the ruined economies
of of Europe and secure economic prosperity for America. Their
program, which became known as multilateralism, called for reduced
quotas on imports, lowered tariffs, the abandonment of currency
exchange controls, and economic decision making by international
bodies. Randall Woods explores this attempt to create an
interdependent world economy and sets it against the broader
political and strategic backdrop of the period.In the United States,
multilateralism attracted New Deal liberals because it proposed to
help not only the established economic interests but traditionally
disadvantaged groups such as farmers and industrial workers as well.
Moderate socialists in Britain also lent their support to a
liberalized trading system, as did many conservatives on both sides
of the Atlantic, believing that the program would preserve some
degree of free enterprise in the international economy.Unfortunately
for its disciples, Woods argues, multilateralism was so modified by
the forces of isolationism and economic nationalism—and by
bureaucratic politics in the United States—that it failed to achieve
its economic and strategic goals. The international economy that
emerged after World War II was not an equitable partnership and
merely finalized the fifty-year process by which the United States
supplanted Great Britain as the arbiter of Western Capitalism. In the
end, modified multilateralism hampered rather than facilitated the
free flow of goods and capital, and it did little to promote social
democracy.

Classification:

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Dewey Class: 973 -- General history of North America United States

Book Details:

Physical Description: 6.3"x8.7"x1.4"; 1.7 lb; 484 pages
Edition Info: Paperback; 2008-07-01

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Subjects:

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•	Business & Investing -- Economics -- International (2039)
•	History -- Americas -- United States -- 20th Century -- General (2477)
•	History -- Americas -- United States -- General (11612)
•	Nonfiction -- Politics -- International -- Diplomacy (643)

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