Current location - Trademark Inquiry Complete Network - Tian Tian Fund - What objections did Keynes raise to the terms of the White Plan?
What objections did Keynes raise to the terms of the White Plan?
Keynes pointed out that the stipulation in the white paper that the IMF has the right to control the exchange rates of member countries is not in line with the economic reality of countries in the early post-war period. As stipulated in the Plan, member countries can only use their own shares to solve the temporary imbalance of international payments. If a member country's international payments are fundamentally unbalanced and its currency exchange rate cannot be changed, its economy will inevitably get into trouble. He demanded that member countries be given considerable freedom to adjust the currency exchange rate. Keynes insisted that there must be some way to force surplus countries to take adjustment measures. He proposed that member States should have the right to discriminate against the export commodities belonging to "currency-scarce countries" in order to force such countries to adjust themselves from 1. This statement is obviously aimed at the United States. Since the United States will become a major surplus country for a period of time after the war, the demand for US dollars will definitely increase greatly, and the US dollars stored by the "Fund" simply cannot meet the large demand of member countries. In this case, if the deficit country has the right to discriminate against American goods, it will force the United States to take action and adjust itself from 1 In addition, Keynes also resolutely opposed the right of White's "fund" to actively supervise and intervene in the internal economic life of member States. According to his original intention, the "fund" should be a passive institution that can provide loans unconditionally. After the latter point was flatly denied by White in the negotiation, Keynes tried to realize "passivity". He pointed out that if the "fund" is given such privileges, countries will have doubts about the real intention of establishing the "fund", which is not conducive to the smooth establishment of the post-war international monetary system. Keynes's opposition aims at limiting the power of the "fund" and expanding the freedom of action of member States. This obviously violates White's original intention of regulating the behavior of member States with strict terms and restoring multilateral free international finance as soon as possible. But what Keynes said is very reasonable, which is more in line with the reality of the world economy than White's proposition, and the United States is not willing to support the situation alone. Therefore, on the premise that Britain accepts White's plan, the United States agrees to modify some clauses in the plan.