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Este breve artículo argumenta a favor de la implementación de una unión de compensación internacional y una nueva moneda internacional en la línea del bancor propuesto por Keynes. Desde la perspectiva de los sistemas de control, dicho sistema ofrece estabilidad a las finanzas internacionales. Ha llegado el momento oportuno para que surja un sistema de este tipo, que China podría ofrecer en un contexto regional.  

The crisis of the euro area has questioned the fairness, sustainability and viability of the current setting of the European Monetary Union (EMU). In this article we use a four-country stock–flow consistent (SFC) model in the tradition of Godley/Lavoie (2007a) to examine to what extent an adaptation to Europe of Keynes's plan of a clearing union with bancor balances could help reduce the imbalances that, at least in part, drove the eurozone into crisis. Our simulation experiments suggest that the implementation of Keynes's ideas may conduct European countries to a stronger and more sustainable growth cycle.

When turmoil strikes world monetary and financial markets, leaders invariably call for 'a new Bretton Woods' to prevent catastrophic economic disorder and defuse political conflict. The name of the remote New Hampshire town where representatives of forty-four nations gathered in July 1944, in the midst of the century's second great war, has become shorthand for enlightened globalization. The actual story surrounding the historic Bretton Woods accords, however, is full of startling drama, intrigue, and rivalry, which are vividly brought to life in Benn Steil's epic account. Upending the conventional wisdom that Bretton Woods was the product of an amiable Anglo-American collaboration, Steil shows that it was in reality part of a much more ambitious geopolitical agenda hatched within President Franklin D. Roosevelt's Treasury and aimed at eliminating Britain as an economic and political rival. At the heart of the drama were the antipodal characters of John Maynard Keynes, the renowned and revolutionary British economist, and Harry Dexter White, the dogged, self-made American technocrat. Bringing to bear new and striking archival evidence, Steil offers the most compelling portrait yet of the complex and controversial figure of White--the architect of the dollar's privileged place in the Bretton Woods monetary system, who also, very privately, admired Soviet economic planning and engaged in clandestine communications with Soviet intelligence officials and agents over many years. A remarkably deft work of storytelling that reveals how the blueprint for the postwar economic order was actually drawn,The Battle of Bretton Woodsis destined to become a classic of economic and political history.

The emergence and persistence of large trade imbalances as well as the volatility of financial flows among countries have been attributed, at least in part, to the inadequacy of the current international monetary system after the breakdown of Bretton Woods. From a different perspective, the current eurozone crisis is also the result, in our view, of a flawed institutional setting. These problems call for reforms to mitigate or avoid the recessionary bias that is the outcome of current systems, as Keynes predicted in the discussion preceding the Bretton Woods agreements. In this paper we briefly review the evidence on international imbalances, and survey the rapidly growing literature on the subject. We introduce a set of models based on the stock-flow-consistent approach pioneered by Godley ( 1999 ) and Lavoie and Godley ( 2003 ). We discuss how to use these models to explore potential reform of the international monetary system.

Just like David, I have my doubts on free trade and globalization. His proposal strikes me as a noble endeavor; however, I want to be clear, since there are so many things we do not know (at least, I do not), any proposal regarding international trade involves complex trade-offs.

This paper explores how today's global monetary order differs from Keynes' original vision, as captured by his early Bretton Woods drafts, and how we got here. It also speculates whether Keynes' ideas, specifically his vision for the global monetary order, are still relevant to the contemporary world, after 80 years have passed since the publication of The General Theory. The paper argues that Keynes' hope for a global order without a hegemon could be considered overly rational and maintains that it may be worthwhile to recall what Keynes himself wrote in his memoir My Early Beliefs: \"civilization [is] a thin and precarious crust erected by the personality and the will of a very few, and only maintained by rules and conventions skillfully put across and guilefully preserved\".

This article discusses the reasons why, unlike what happened during the First World War, when the nations involved wished to return to the previous situation, during the Second World War nobody aspired to return to the situation of the thirties, so the designers of the future had to make an intense and creative effort of imagination, by which the figure of Lord John Maynard Keynes was an exceptional one.

El presente artículo aborda las razones por las que, a diferencia de lo que pasó durante la Primera Guerra Mundial, cuando las naciones involucradas anhelaban retornar a la situación previa, durante la Segunda Guerra Mundial nadie aspiraba a retornar a la situación de los años treinta, por lo que los diseñadores del futuro debieron realizar un intenso y creativo esfuerzo de imaginación, mediante el que se agiganta la figura de Lord John Maynard Keynes. This article discusses the reasons why, unlike what happened during the First World War, when the nations involved wished to return to the previous situation, during the Second World War nobody aspired to return to the situation of the thirties, so the designers of the future had to make an intense and creative effort of imagination, by which the figure of Lord John Maynard Keynes was an exceptional one.

ESTE ARTIGO INSERE-SE NO CAMPO DO DIREITO MONETÁRIO, E TEM POR OBJETIVO FAZER UM LEVANTAMENTO DA PROPOSTA DE KEYNES NO CONTEXTO DAS DISCUSSÕES POLÍTICAS E ECONÔMICAS, EM BRETTON WOODS, ACERCA DO FUTURO DA REGULAÇÃO MONETÁRIA INTERNACIONAL. A ABORDAGEM AQUI DELINEIA PRINCIPALMENTE O QUE CONSTITUIU A PROPOSTA DA INTERNATIONAL CLEARING UNION E UM DESDOBRAMENTO EM PARTICULAR - O BANCOR. MUITO EMBORA TENHA SIDO DESCARTADO COM AS DEMAIS PROPOSTAS DE KEYNES, O SISTEMA BRETTON WOODS ACABOU CONSAGRANDO AS PROPOSTAS DE HARRY DEXTER WHITE E, CONSEQUENTEMENTE, A HEGEMONIA DOS ESTADOS UNIDOS NO SISTEMA FINANCEIRO INTERNACIONAL. ADEMAIS, O BANCOR SERVIU DE INSPIRAÇÃO AO QUE HOJE É CONHECIDO COMO DIREITO ESPECIAL DE SAQUE (SPECIAL DRAWING RIGHTS), UNIDADE DE CONTA UTILIZADA PELO FUNDO MONETÁRIO INTERNACIONAL (FMI). O LEVANTAMENTO FOI REALIZADO COM BASE EM LEITURA DE TEXTOS DO AUTOR, ARTIGOS ACADÊMICOS ESPECIALIZADOS E EM ATAS DAS REUNIÕES OCORRIDAS EM BRETTON WOODS.

We discuss three well known plans that were offered in the twentieth century to provide an artificial replacement for gold and key currencies as international reserves: Keynes’ Bancor, the SDR and the Ecu(predecessor to the euro).The latter two of these reserve substitutes were institutionalized but neither replaced the dollar as the principal medium of international reserve.