Chapter 3 describes the Bretton Woods period. The 1950s through 1970s inter-crisis period was the exception rather than the rule, for preventing crisis took a great deal of global coordination and effort that could not be maintained in the face of countries’ individual pursuit of sovereign policies. We first look at the Bretton Woods regime that existed during the 1950s and 1960s, then turn to the post-Bretton Woods oil shocks that caused an economic recession in the 1970s. Keywords: Bretton Woods, petrodollar recycling
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