Money Doctoring after World War II

We explore the foreign economic policy activities of Arthur I. Bloomfield, a prominent economist of the Federal Reserve Bank of New York in the 1940s and the 1950s. During the cold war, Bloomfield headed several missions to South East Asia, assisting local authorities in shaping new foreign exchange regimes and banking institutions. Bloomfield's most successful mission concerned the constitution of a new central bank in South Korea, established in June 1950.In line with the Fed's new strategy established by Robert Triffin, head of the Latin American section, Bloomfield moved away from the dogmatic style of Edwin Kemmerer that dominated U.S. overseas missions in the first half of the twentieth century; "Southern" economies, in fact, rather than benefiting from Kemmerer's policies, had been increasingly hit by cyclical instability. According to Triffin and Bloomfield, U.S. overseas missions should loosen constraints on the activity of economic institutions and policy authorities, in order to increase their effectiveness as guarantors of financial stability and promoters of national development.We examine this episode in the light of the U.S. postwar foreign economic relations and the concept of "embedded liberalism." The Bloomfield missions to South Korea show with great clarity the principal features of the Fed's new foreign strategy and the need to examine the actual advisory activity of Fed economists during the 1940s: they were at the intersection between domestic and international political and economic systems. Ultimately, they played a major role in forging the actual foreign policy of the United States

Demise · Economic history · Economics · Economy · Foreign policy · Political science · Politics · Brazilian History and Foreign Policy · Global Financial Crisis and Policies · Law · Race, History, and American Society

• Not a Knowledge Bank

  Open Access•Michele Alacevich•Social Science History•2016

  Incluir item

• The Political Economy of a Modern Missionary

  Rebeca Gomez Betancourt•History of Political Economy•2022

  Incluir item

• Theory and Practice in Development Economics

  Michele Alacevich•History of Political Economy•2017

  Incluir item

• Promoting Unorthodox Money Doctoring

  Brendan Brundage, Guy Numa•History of Political Economy•2025

  Incluir item

• The Quarrel of Policy Advisers That Became Development Experts

  Andrés Álvarez, Andrés M Guiot-Isaac et al.•History of Political Economy•2020

  Incluir item

• Monetary policy under the international gold standard, 1880-1914

  Arthur I Bloomfield•Monetary policy under the…•1979

  Incluir item

• International Monetary Economics, 1870–1960

  Open Access•M June Flanders•International Monetary Economics,…•1990

  Incluir item

• A Perilous Progress

  Michael André Bernstein•Perilous Progress•2001

  Incluir item

• Operations of the American Exchange Stabilization Fund

  Arthur I Bloomfield•The Review of Economics and…•1944

  Incluir item

• Three Studies on United States Foreign Economic Relations

  Arthur I Bloomfield•The Review of Economics and…•1954

  Incluir item

• Equilibrium and Growth in the World Economy

  I M D Little, Ragnar Nurkse et al.•The Economic Journal•1962

  Incluir item

• American Reformers Abroad

  Open Access•Robert N Seidel•The Journal of Economic History•1972

  Incluir item

• Financial Incentives and Central Bank Authority in Industrializing Nations

  Open Access•Sylvia Maxfield•World Politics•1994

  Incluir item

• Conclusion

  Open Access•G John Ikenberry•International Organization•1988

  Incluir item

• International regimes, transactions, and change

  Open Access•John Gerard Ruggie•International Organization•1982

  Incluir item