Capital controls were embedded in the Bretton Woods IMF framework
Evidence
By exchange control, Cortney meant what is better known as capital controls: the right to change money from one currency to another, specifically with the goal of transferring the money over a national border. The right to use capital controls was included in the framework of the IMF at Bretton Woods, a fact that Heilperin condemned as one of its crucial failings. — Quinn Slobodian, Globalists, 448
Categorization
- DEFINE: Clarifies the contemporary term ‘capital controls’ (Cortney’s ‘exchange control’) and its legal grounding at Bretton Woods.
- XREF: connects to: The Bretton Woods consensus prioritized domestic full employment over capital mobility — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 416; Bretton Woods achieved the densest capital controls in capitalist history. — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 420; Capital controls were assumed necessary for democratic domestic policy — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 419 (+2 more)
Broader Connections
- The Bretton Woods consensus prioritized domestic full employment over capital mobility
#expands(0.85) — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 416 - Bretton Woods achieved the densest capital controls in capitalist history.
#corroborates(0.85) — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 420 - Capital controls were assumed necessary for democratic domestic policy
#expands(0.85) — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 419 - Growing financial power systematically dismantled Bretton Woods-era regulatory controls.
#complicates(0.80) — Max Haiven, Cultures of Financialization, 150