The deal that put the dollar at the centre of the world

About this episode

This episode explores the Bretton Woods conference of 1944 and its impact on the global economy.

Take 730 delegates from 44 countries, plus another 2,000 or so hangers-on. House them in a remote, dilapidated hotel with holes in the roof and broken furniture. Deliver a train wagon filled with alcohol. Throw in some Russian spies, German prisoners of war, a troupe of bombshell “secretaries” and a magician. And then have the lead protagonist, the world’s most famous economist, almost die of a heart attack. What does that give you? Only the most successful international monetary negotiation in history. This is the story of the Bretton Woods conference of 1944, as relayed by journalist and author Ed Conway to hosts Gillian Tett and Robin Wigglesworth. The three weeks of chaotic talks would deliver three decades of postwar peace and prosperity, and enthrone the US dollar as the global reserve currency. The discussions also nearly killed Britain’s lead negotiator, John Maynard Keynes, and would later disgrace his US counterpart, Harry Dexter White. Further reading: The Summit , by Ed Conway (2015) The Economic Consequences of the Peace , by John Maynard Keynes (1919) John Maynard Keynes , biography by Robert Skidelsky in three volumes (1983-2000) Treasonable Doubt: The Harry Dexter…

People in this episode

Hosts: Gillian Tett, Robin Wigglesworth

Guest: Ed Conway

Topics covered

• Bretton Woods
• international monetary negotiation
• US dollar
• postwar economy
• Keynesian economics

Keywords

• Bretton Woods
• US dollar
• international negotiation
• Keynes
• economic history

Mentioned in this episode

Organizations: Financial Times, IMF

Books & works: The Summit, The Economic Consequences of the Peace, John Maynard Keynes, Treasonable Doubt: The Harry Dexter White Spy Case

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