21st-century successors to Bretton Woods will be networks, not institutions, due to the latter’s rigid and bureaucratic nature that fails to incorporate corporate interests when designing policies. /Gillian Tett, FT, 26 July 2019/.
Absolutely not, due to the sea change of power in the aftermath of the 2007/8 global financial crisis.
The Bretton Woods system is dead, and a new system has already emerged. It is neither networks, nor international financial institutions: they are the strongest governments of the global economy that have come to rule –again- by now.
After the global financial crisis politics took over from markets and states from corporations. Period.
Re “The business case against Bretton Woods”
Governor Matolcsy, MNB, the Central Bank of Hungary
