The Bretton Woods Institutions in Transition

Abstract

The Bretton Woods institutions were set up long before physical warfare ceased. They are part of a wider undertaking to further international cooperation in the postwar world. Befitting its imposing influence, the United States took a prominent part in this enterprise. The overall design lending coherence to the blueprints for economic collaboration is predominantly of American authorship. It is too early yet to assess the worth of these blueprints and the merits of American policy, but even now it isclear that some of the new institutions may not function as intended. Adverse and unforeseen circumstances may force either drastic revision or failure. According to some observers, the companion agencies established at Bretton ”Woods belong in this category.