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You are right that the article did not mention a lot of important factors in bringing down Brenton Woods. The most important being the deficit spending of the U
by hristov 8y ago
You are right that the article did not mention a lot of important factors in bringing down Brenton Woods. The most important being the deficit spending of the US due to the vietnam war and the resulting inflationary pressure on the dollar. The second most important was England's delusional attempts to keep the pound expensive in relation to the other european currencies despite the fact that the french and german economies were clearly outperforming England. So you have a point there.
Regarding your last sentence, I think the point of the article is that capital controls perhaps acted to prevent a lot of the inequality that emerged after they were lifted.
There is no doubt that the years under bretton woods saw the fastest economic growth and improvement in living standards of average people in Western Europe and the US recorded in known history. Perhaps bretton woods was not the only thing to thank for that, but perhaps it had some influence.
It also cannot be denied that the lack of capital controls allows corrupt leaders to whisk large amounts of money away from countries in distress or in political turmoil.