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SUMMARY:The economic government of the world 1933-2023 - Martin Daunton (C
 ambridge)
DTSTART:20231130T171500Z
DTEND:20231130T184500Z
UID:TALK207010@talks.cam.ac.uk
CONTACT:16750
DESCRIPTION:In 1933\, Keynes reflected on the crisis of the Great Depressi
 on that arose from individualistic capitalism: 'It is not intelligent\, it
  is not beautiful\, it is not just\, it is not virtuous - and it doesn't d
 eliver the goods ... But when we wonder what to put in its place\, we are 
 extremely perplexed.' We are now in a similar state of perplexity\, wonder
 ing how to respond to the economic problems of the world.\n\nMartin Daunto
 n examines the changing balance over ninety years between economic nationa
 lism and globalization\, explaining why one economic order breaks down and
  how another one is built\, in a wide-ranging history of the institutions 
 and individuals who have managed the global economy. In 1933\, the World M
 onetary and Economic Conference brought together the nations of the world:
  it failed. Trade and currency warfare led to economic nationalism and a t
 urn from globalization that culminated in war. During the Second World War
 \, a new economic order emerged - the embedded liberalism of Bretton Woods
 \, the International Monetary Fund and the International Bank for Reconstr
 uction and Development - and the post-war General Agreement on Tariffs and
  Trade. These institutions and their rules created a balance between domes
 tic welfare and globalization\, complemented by a social contract between 
 labour\, capital and the state to share the benefits of economic growth.\n
 \nYet this embedded liberalism reflected the interests of the 'west' in th
 e Cold War: in the 1970s\, it faced collapse\, caused by its internal weak
 nesses and the breakdown of the social contract\, and was challenged by th
 e Third World as a form of neo-colonialism. It was succeeded by neoliberal
 ism\, financialisation and hyper-globalization. In 2008\, the global finan
 cial crash exposed the flaws of neoliberalism without leading to a fundame
 ntal change. Now\, as leading nations are tackling the fall-out from Covid
 -19 and the threats of inflation\, food security and the existential risk 
 of climate change\, Martin Daunton calls for a return to a globalization t
 hat benefits many of the world's poor and a fairer capitalism that deliver
 s domestic welfare and equality.\n\nThe Economic Government of the World i
 s the first history to show how trade\, international monetary relations\,
  capital mobility and development impacted on and influenced each other. M
 artin Daunton places these economic relations in the geo-political context
  of the twentieth century\, and considers the importance of economic ideas
  and of political ideology\, of electoral calculations and institutional d
 esign. The book rests on extensive archival research to provide a powerful
  analysis of the origins of our current global crisis\, and suggests how w
 e might build a fairer international order.\n
LOCATION:Room 6\, Faculty of History
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