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Revitalizing the Spirit of Bretton Woods 50 Perspectives on the Future of the Global Economic System

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Revitalizing the Spirit of Bretton Woods 50 Perspectives on the Future of the Global Economic System REVITALIZING THE SPIRIT OF BRETTON WOODS 50 PERSPECTIVES ON THE FUTURE OF THE GLOBAL ECONOMIC SYSTEM The Bretton Woods Committee REVITALIZING THE SPIRIT OF BRETTON WOODS 50 PERSPECTIVES ON THE FUTURE OF THE GLOBAL ECONOMIC SYSTEM JULY 2019 The Bretton Woods Committee ACKNOWLEDGMENTS The Bretton Woods@75 Compendium membership and stakeholder network, is a unique and timely publication, though they do not purport to represent issued to honor a historic year for the the views of all Committee members Bretton Woods institutions, and during or to serve as the collective voice of the an extraordinary moment in history Bretton Woods Committee. for the global, rules-based system that Such a monumental effort could not they have operated through and helped have taken place without a great deal of to strengthen since their inception in support from a handful of individuals 1944. As the world celebrates the his- who are exceptionally dedicated to the toric milestone of the 75th anniversary Bretton Woods Committee. Production of the Bretton Woods Conference (for- of this volume was conceived, planned, mally known as the United Nations and implemented by the Committee sec- Monetary and Financial Conference) in retariat team, based in Washington, D.C.: July 2019, the rules-based international Randy Rodgers, Emily Slater, Brooke economic system and its staunchest sup- Snowdon, and Kasey Stelter, with support porters face a significant challenge: how from Melissa Smith and Hana Barkett. to ensure that the global economic system Direction and advisory support were evolves and endures to meet the challenges provided by Bretton Woods Committee of this and the next generation. Co-chairs Richard A. Debs, James D. This collection of insightful and Wolfensohn, and Jim Kolbe, as well as forward- looking thought pieces orga- William R. Rhodes, a key member of nized by the Bretton Woods Committee the Committee’s Advisory Council. is—we hope—an inspiring attempt to The Committee greatly appreci- respond to such an ambitious ques- ates the invaluable review and advice tion. The Bretton Woods Committee received from the members of the is the nonpartisan network of prom- Bretton Woods@75 Compendium inent global citizens that works to Review Committee, who generously demonstrate the value of international shared their expertise and time to economic cooperation and to foster guide the production of this volume strong, effective Bretton Woods institu- from commencement to comple- tions as forces for global well-being. The tion. Specifically, the Bretton Woods essays in this volume are authored by a Committee recognizes Meg Lundsager, diverse cross-section of the Committee’s Public Policy Fellow at the Wilson iv | REVITALIZING THE SPIRIT OF BRETTON WOODS Center; Scott Morris, Senior Fellow Additionally, the Bretton Woods Com- and Director of the US Development mittee wishes to thank long- standing Policy Initiative at the Center for Global members Mark Gillen and Gary Kleiman, Development; Jeffrey J. Schott, Senior as well as Committee friend and colleague Fellow at the Peterson Institute for Elizabeth King, for contributing advisory International Economics; and Edwin support to various sections of the volume. M. Truman, Nonresident Senior Fellow The Bretton Woods Committee at the Peterson Institute for International wishes to acknowledge the generous Economics. Meg Lundsager, who served support of Bretton Woods@75 principal as Chair of the Review Committee, sponsors Morgan Stanley and Mizuho. contributed guidance throughout the The Committee is also grateful for editorial and compilation processes for significant contributions from Bretton this volume and was instrumental to Woods@75 sponsor SICPA and com- the success of the project. pendium sponsor Structured Credit International Corporation. REVITALIZING THE SPIRIT OF BRETTON WOODS | v SPONSORS We are defined by our people, our founders, our company veterans and our newest recruits. We draw on the strength of their diverse talents and perspectives, generating growth for our clients in ways that are forward-thinking and sustainable. We collaborate across departments and our global network of offices to deliver exceptional ideas and solutions to the world’s most complex challenges. morganstanley.com © 2019 Morgan Stanley & Co. LLC. Member SIPC. CRC 2566277 6/19 We’re by your side every step of the way. Throughout the world, we are regarded for our dependability, agile thinking, and attention to detail. As your partner, we work closely beside you, ensuring that we meet your immediate needs and long-term goals. Whether it’s in investment banking, capital markets, asset management, or sales and trading, we’re committed to your success, today and beyond. mizuhoamericas.com ENABLING TRUST SICPA is a leading global provider of secured authentication, identification and traceability solutions and services and a long-trusted advisor to governments, central banks, high security printers and industry. Founded in 1927, headquartered in Switzerland and operating on five continents, SICPA’s mission is to Enable Trust through constant innovation. Based on core expertise in high security inks, the company protects the majority of the world’s banknotes, as well as security and value documents such as passports, from the threats of counterfeiting and fraud. Furthermore, SICPA integrates material security features and cutting edge digital technology to offer sophisticated tracking and tracing, data management and tax administration systems, in particular for excisable products. These systems protect the legitimate economy, safeguard consumer health, strengthen domestic revenue mobilization and fight illicit trade around the world. SICPA is building and leading the Economy of Trust. The Committee has advanced public understanding of the Bretton Woods institutions through your diligent work. We are most grateful to you for these efforts, and we would urge you to expand the unique and important role which your organization has proved itself capable of performing. —A. W. Clausen, former World Bank President ENABLING TRUST CONTENTS SICPA is a leading global provider of secured authentication, identification and traceability solutions and services and a long-trusted advisor to governments, central banks, high security printers and industry. Founded in 1927, headquartered in Switzerland and Acknowledgments .......................................................................................................iv operating on five continents, SICPA’s mission is to ...................................................................................................................... Enable Trust through constant innovation. Based on core Sponsors vi expertise in high security inks, the company protects the Foreword ...................................................................................................................xiii majority of the world’s banknotes, as well as security and value documents such as passports, from the threats of MEG LUNDSAGER counterfeiting and fraud. Furthermore, SICPA integrates material security features and cutting edge digital technology to offer sophisticated tracking and tracing, data management and tax administration systems, in THE SPIRIT OF BRETTON WOODS: particular for excisable products. These systems protect PAST, PRESENT, AND FUTURE .................................................................... 1 the legitimate economy, safeguard consumer health, strengthen domestic revenue mobilization and fight illicit The Spirit of Bretton Woods ........................................................................................ 2 trade around the world. SICPA is building and leading the Economy of Trust. PAUL A. VOLCKER The Bretton Woods Mission: Before, Then, Now ......................................................... 5 RICHARD A. DEBS Rethinking Multilateralism for Our Future World ......................................................14 JAMES D. WOLFENSOHN LEADERSHIP OF THE BRETTON WOODS INSTITUTIONS .......25 The Innovative Monetary Fund ................................................................................. 26 CHRISTINE LAGARDE Common Purpose Advancing Development: 75 Years of Innovation for Progress and Shared Prosperity ...........................................................................31 DAVID MALPASS Strengthening the WTO for the Future ......................................................................41 ROBERTO AZEVÊDO MULTILATERAL COOPERATION AND SYSTEMS CHANGE .....47 Building the New Cooperative International Order ..................................................48 THARMAN SHANMUGARATNAM The World of More Unpredictable and Harder-to-Understand National and Global Economies ................................................................................. 55 MOHAMED A. EL-ERIAN Bretton Woods at 75: Rethinking Multilateral Cooperation for the Modern Era ...... 62 ARMINIO FRAGA Has Globalization Peaked? Renewing the Prospect and Promise of Global Integration ............................................................................ 65 CATHERINE L. MANN Toward a New Economy of Trust ............................................................................... 78 PHILIPPE AMON Better Business with Bretton Woods ......................................................................... 85 MYRON BRILLIANT AND GARY LITMAN Trans-sovereign Networks: China’s Role in the New Global Order ........................... 92 KEYU JIN Reshaping Multilateralism as a
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