This is the history of the institutions and individuals who have managed the global economy, from the World Monetary and Economic Conference in the wake of the Great Depression to the present, as leading nations tackle the fallout from Covid-19 and the threats of inflation, food security and climate change. Since the Second World War, organisations created at Bretton Woods – the International Monetary Fund and the International Bank of Reconstruction and Development and afterwards, the General Agreement on Trade and Tariffs and the Organisation for Economic Co-operation and Development have left an indelible mark on our contemporary world. Martin Daunton examines the swings of the pendulum over ninety years between the forces of democracy, national determination and globalization. He shows that the structures of economic government have been overwhelmingly shaped by ‘first world’ powers, often to the dismay of developing countries. He argues that whilst structures cannot be separated from the politics of and between the biggest economies, future global recovery rests on the reduction of inequality and that multilateral institutions are fundamental in fostering inclusive growth.
