But Keynes’ plan is doomed to failure. On the one hand, the world at that time was not prepared for a multilateral solution. On the other, Keynes was from the beginning in a weak position in the negotiations. “Keynes also had the problem of having to negotiate Britain’s war debts with the United States. UU. “, Explains Geppert. Finally, the White Plan was imposed, named in honor of the American economist Harry Dexter White, who foresees an international monetary order with the dollar as the leading currency. That is to say, that all the countries were committed to adjust their currencies in a certain spectrum with respect to the dollar. In return, EE. UU Guaranteed to exchange dollars for gold when necessary.
At the end of the Bretten woods conference, the International Monetary Fund (IMF) and the World Bank were created. In 1947 the General Agreement on Tariffs and Trade (GATT) was added to these international organizations. All of them are part of the Bretten woods system, which undoubtedly gave new impetus to international trade. But since this is carried out largely through the dollar, a greater commercial activity translates into a greater need for dollars, and this shows the contradiction of the Bretten woods system: How can a change in gold be guaranteed? if there are more and more dollars in circulation?
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