If emerging markets are to achieve their objective of joining the ranks of industrialized, developed countries, they must use their economic and political influence to support radical change in the international financial system. This working paper recommends John Maynard Keynes's "clearing...

Frontmatter -- Contents -- Preface -- 1 The Quest for a Durable Global Monetary System -- 2 America's Global Monetary Design -- 3 America and Britain: Divergent Approaches to a Common Goal -- 4 Consultation and Consensus -- 5 Prelude to Bretton Woods -- 6 Bretton Woods -- 7 Selling the...