Rise and fall of US-led neocolonial financial order: From Bretton Woods to BRICS
Geopolitical Economy Report
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The Importance of the International Clearing Union
Keynes's idea with the international clearing union was that countries that had significant surpluses would build up a big account of what the Boncor, which is the international reserve currency proposed instead of using the dollar. The Bretton Woods Conference in 1944 established the US dollar specifically as the global reserve currency and infuriated some of the other Western colonial powers.
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