Formation and reform of the international monetary system
theoretical aspects and the case of the Bretton Woods Agreement.
DOI:
https://doi.org/10.5752/P.2317-773X.2021v9n2p114-131Keywords:
International monetary system, Hegemony, Bretton Woods, Emerging countries, International political economyAbstract
This paper focus on the formation and transition of the international monetary system (IMS) and its main objective is to analyze, based on the neogramscian approach the factors that allowed the broad reformulation of the IMS in the Bretton Woods Accords. The International Political Economy (IPE) provides a theoretical framework that helps to understand the formation and stability of the IMS from an integrated analysis between economics and politics. According to the neogramscian approach, changes in the balance of power do not necessarily imply changes in international regimes, since the establishment of an international hegemony is necessary. It is argued that the success of the Bretton Woods Accords in promoting profound change in the IMS was due not only to the postwar momentum and US leadership, but also to the process of social, political and economic change that took shape in previous decades and culminated in a new international hegemony. It is also argued that although the 2008 crisis generated a momentum to change and that there were reforms in important elements of the IMS, profound changes in the system would only arrive with a hegemonic transition, something still out of sight.
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