Kevin P. Gallagher - The Case for a New Bretton Woods

1 Cover

2 Series Page The Case For series Sam Pizzigati, The Case for a Maximum Wage Louise Haagh, The Case for Universal Basic Income James K. Boyce, The Case for Carbon Dividends Frances Coppola, The Case for People’s Quantitative Easing Joe Guinan & Martin O’Neill, The Case for Community Wealth Building Anna Coote & Andrew Percy, The Case for Universal Basic Services Gerald Friedman, The Case for Medicare for All Pavlina R. Tcherneva, The Case for a Job Guarantee Anna Coote, Aidan Harper & Alfie Stirling, The Case for a Four-Day Week Richard Vague, The Case for a Debt Jubilee Kevin P. Gallagher & Richard Kozul-Wright, The Case for a New Bretton Woods

3 Title Page The Case for a New Bretton Woods Kevin P. Gallagher Richard Kozul-Wright polity

4 Copyright Copyright © Kevin P. Gallagher and Richard Kozul-Wright 2022 The right of Kevin P. Gallagher and Richard Kozul-Wright to be identified as Author of this Work has been asserted in accordance with the UK Copyright, Designs and Patents Act 1988. First published in 2022 by Polity Press Polity Press 65 Bridge Street Cambridge CB2 1UR, UK Polity Press 101 Station Landing Suite 300 Medford, MA 02155, USA All rights reserved. Except for the quotation of short passages for the purpose of criticism and review, no part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher. ISBN-13: 978-1-5095-4655-8 A catalogue record for this book is available from the British Library. Library of Congress Control Number: 2021942106 The publisher has used its best endeavours to ensure that the URLs for external websites referred to in this book are correct and active at the time of going to press. However, the publisher has no responsibility for the websites and can make no guarantee that a site will remain live or that the content is or will remain appropriate. Every effort has been made to trace all copyright holders, but if any have been overlooked the publisher will be pleased to include any necessary credits in any subsequent reprint or edition. For further information on Polity, visit our website: politybooks.com

5 1 The Fierce Urgency of Now: The Case for a New Bretton Woods Moment The Takeaways from Bretton Woods 1.0 From Managing Capitalism to Enabling Capital Rewriting the Rules of the International Economic Order

6 2 The Origins and Antinomies of the Multilateral System The Inter-War Years: From Reglobalization to Building Back Worse Internationalizing the New Deal The Tempering of New Deal Multilateralism The Strange Rebirth of the Liberal International Order

7 3 Building Back a Better International Monetary and Financial System The Breakdown of the International Monetary System Holes in the Safety Net Reforming the International Monetary System

8 4 Re-aligning the Trade and Investment Regime From Global Prosperity to Global Deregulation From Small Gains to Big Risks Aligning the Trade and Investment Regime

9 5 Catalyzing Development Finance The Re-emergence of Development Finance The Limits of the Global DFI Regime A Reform Agenda Scale Up Development Finance Aligning DFIs with Shared Goals Global Cooperation and Governance

10 6 Crises, Reform, and Countervailing Power

11 Bibliography

12 End User License Agreement

1 Chapter 1 Figure 1.1The Elephant Curve: Global Income Distribution and Real Income Growth, 1980–2016 Figure 1.2The Crocodile Graph: Top 2,000 Transnational Corporations’ Profit and Global Lab… Figure 1.3Economic Losses from Extreme Weather

2 Chapter 3 Figure 3.1Runaway Finance vs Real Investment Figure 3.2Instability of Global Capital Flows Figure 3.3The Buildup of Global External Debt

3 Chapter 4 Figure 4.1Payments and Receipts Related to the Use of Foreign Intellectual Property Rights…

4 Chapter 5 Figure 5.1Number of newly established PDBs and DFIs

1 Chapter 1 Table 1.1Policy Instruments for a New Bretton Woods

2 Chapter 3 Table 3.1Multilateral and Regional Liquidity Facilities in the World Economy

3 Chapter 4 Table 4.1ISDS v Public Welfare in the World Economy, Illustrative List Table 4.2ISDS Awards to “Carbon Majors”

4 Chapter 5 Table 5.125 Largest DFIs in the World Economy

1 Cover

2 Table of Contents

3 Series Page

4 Title Page

5 Copyright

6 Begin Reading

7 Bibliography

8 End User License Agreement

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Sam Pizzigati, The Case for a Maximum Wage

Louise Haagh, The Case for Universal Basic Income

James K. Boyce, The Case for Carbon Dividends

Frances Coppola, The Case for People’s Quantitative Easing

Joe Guinan & Martin O’Neill, The Case for Community Wealth Building

Anna Coote & Andrew Percy, The Case for Universal Basic Services

Gerald Friedman, The Case for Medicare for All

Pavlina R. Tcherneva, The Case for a Job Guarantee

Anna Coote, Aidan Harper & Alfie Stirling, The Case for a Four-Day Week

Richard Vague, The Case for a Debt Jubilee

Kevin P. Gallagher & Richard Kozul-Wright, The Case for a New Bretton Woods