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Keynes, John Maynard
John Maynard Keynes was an important participant in the creation of modern economic policy, by virtue of his practical work in the Treasury during both World War I and World War II, and through his advocacy of a new international economic order in the early 1940s, culminating in the Bretton Woods Agreement of July 1944. Bretton Woods laid the foundations for the postwar international economy, creating a system of international economic management, a series of fixed exchange rates tied to the U.S. dollar, and two new institutions, the International Monetary Fund and the World Bank (initially known as the International Bank for Reconstruction and Development). No agreement could be reached in the mid-1940s on the structure of the third component of this new order, the ...
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