Encouraging Open Markets
The seminal idea behind the Bretton Woods Conference was the notion of open markets. In Henry Morgenthau's farewell remarks at the conference, he stated that the establishment of the IMF and the World Bank marked the end of economic nationalism. This meant countries would maintain their national interest, but trade blocks and economic spheres of influence would no longer be their means. The second idea behind the Bretton Woods Conference was joint management of the Western political-economic order, meaning that the foremost industrial democratic nations must lower barriers to trade and the movement of capital, in addition to their responsibility to govern the system.
Read more about this topic: United Nations Monetary And Financial Conference
Famous quotes containing the words encouraging, open and/or markets:
“Ah, Hope! what would life be, stripped of thy encouraging smiles, that teach us to look behind the dark clouds of to-day, for the golden beams that are to gild the morrow.”
—Susanna Moodie (1803–1885)
“If we keep an open mind, too much is likely to fall into it.”
—Natalie Clifford Barney (1876–1972)
“When the great markets by the sea shut fast
All that calm Sunday that goes on and on:
When even lovers find their peace at last,
And Earth is but a star, that once had shone.”
—James Elroy Flecker (1884–1919)