the g-20 summit that’s taken place this weekend in washington dc is being billed as bretton woods 2. all the heads of state of the 20 most economically relevant nations have descended on washington and barack obama is tucked away in chicago. or perhaps hiding.
so what was the original bretton woods? set forth in 1944, the meeting of key nations was attended by 730 representatives of 44 nations and was organized by franklin d. roosevelt and winston churchill in the hope to establish economic cooperation. the meeting established a set of rules and regulations surrounding the international monetary system. a general description can be found here.
it is possible that george w. bush set up the meeting for this particular time partially for political reasons. had john mccain prevailed and become president of the united states, the meeeting would’ve reassured global markets. and perhaps bush and his handlers also took into consideration that if barack obama won (as he did), he would be hardpressed to prepare for such a monumental meeting and with george w. bush leading the event, obama’s stature within the community would be diminished.