what were the aim of post-war reconstruction
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Post-Conflict EconomicReconstruction. Introduction / Definition: Post-conflict reconstruction aims at the consolidation of peace and security and the attainment of sustainable socio-economic development in a war-shattered country.
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Post-Conflict EconomicReconstruction. Introduction / Definition: Post-conflict reconstruction aims at the consolidation of peace and security and the attainment of sustainable socio-economic development in a war-shattered country.
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The Second World War broke out a mere two decades after the end of the First World War. The war caused an immense amount of economic devastation and social disruption. Reconstruction promised to be long and difficult.
Two crucial influences shaped post-war reconstruction.
US’s emergence as the dominant economic, political and military power in the Western world.
The dominance of the Soviet Union as it had made huge sacrifices to defeat Nazi Germany, and transformed itself from a backward agricultural country into a world power during the very years when the capitalist world was trapped in the Great Depression.
4.1 Post-war Settlement and the Bretton Woods Institutions
Economists and politicians drew two key lessons from inter-war economic experiences.
an industrial society based on mass production cannot be sustained without mass consumption. But to ensure mass consumption, there was a need for high and stable incomes. Incomes could not be stable if employment was unstable. Thus stable incomes also required steady, full employment. But markets alone could not guarantee full employment. Therefore governments would have to step in to minimise fluctuations of price, output and employment. Economic stability could be ensured only through the intervention of the government.
The goal of full employment could only be achieved if governments had power to control flows of goods, capital and labour.
The main aim of the post-war international economic system was to preserve economic stability and full employment in the industrial world.
Its framework was agreed upon at the United Nations Monetary and Financial Conference held in July 1944 at Bretton Woods in New Hampshire, USA.
The Bretton Woods conference established the International Monetary Fund (IMF) to deal with external surpluses and deficits of its member nations. The International Bank for Reconstruction and Development (popularly known as the World Bank) was set up to finance postwar reconstruction.
The IMF and the World Bank are referred to as the Bretton Woods institutions or sometimes the Bretton Woods twins. The post-war international economic system is also often described as the Bretton Woods system. The IMF and the World Bank commenced financial operations in 1947.
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Two crucial influences shaped post-war reconstruction.
US’s emergence as the dominant economic, political and military power in the Western world.
The dominance of the Soviet Union as it had made huge sacrifices to defeat Nazi Germany, and transformed itself from a backward agricultural country into a world power during the very years when the capitalist world was trapped in the Great Depression.
4.1 Post-war Settlement and the Bretton Woods Institutions
Economists and politicians drew two key lessons from inter-war economic experiences.
an industrial society based on mass production cannot be sustained without mass consumption. But to ensure mass consumption, there was a need for high and stable incomes. Incomes could not be stable if employment was unstable. Thus stable incomes also required steady, full employment. But markets alone could not guarantee full employment. Therefore governments would have to step in to minimise fluctuations of price, output and employment. Economic stability could be ensured only through the intervention of the government.
The goal of full employment could only be achieved if governments had power to control flows of goods, capital and labour.
The main aim of the post-war international economic system was to preserve economic stability and full employment in the industrial world.
Its framework was agreed upon at the United Nations Monetary and Financial Conference held in July 1944 at Bretton Woods in New Hampshire, USA.
The Bretton Woods conference established the International Monetary Fund (IMF) to deal with external surpluses and deficits of its member nations. The International Bank for Reconstruction and Development (popularly known as the World Bank) was set up to finance postwar reconstruction.
The IMF and the World Bank are referred to as the Bretton Woods institutions or sometimes the Bretton Woods twins. The post-war international economic system is also often described as the Bretton Woods system. The IMF and the World Bank commenced financial operations in 1947.
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