Value System Agreement

The United States launched the European Economic Recovery Plan (Marshall Plan) to provide significant financial and economic assistance for the reconstruction of Europe, mainly through grants, not loans. Countries that are part of the Soviet bloc, for example. B Poland, were invited to receive the subsidies, but obtained a favourable agreement with the COMECON of the Soviet Union. [31] In a speech at Harvard University on June 5, 1947, U.S. Secretary of State George Marshall stated that post-war global capitalism suffered from a huge shortage of dollars. The U.S. had huge trade surpluses, and U.S. reserves were huge and growing. It was necessary to reverse this river.

Although all nations wanted to buy American exports, the dollars had to leave the United States and be available for international use so that they could do so. In other words, the United States should reverse imbalances in global prosperity by presenting a trade deficit financed by U.S. exits. Reserves to other nations (US financial balance deficit). The U.S. could have a financial deficit, either by importing, building facilities, or donating to foreign nations. Remember that speculative investments were discouraged by the Bretton Woods agreement. Importing from other nations was not attractive in the 1950s, as American technology was up to date at that time.

This is how multinationals and global aid from the United States were born. [29] 8. Any participant whose currency is distributed to other participants in accordance with this schedule guarantees the full and complete use of such currency at all times for the purchase of goods or for the payment of sums promised to him or to persons in his territory. Any participant so committed undertakes to compensate the other participants for losses resulting from the difference between the value at which the Fund distributed its currency in accordance with this Annex and the value realized by those participants on the transfer of its currency. An important commonality of the conference was the objective of avoiding the repetition of the closed markets and economic wars that had marked the 1930s. Thus, the Bretton Woods negotiators agreed on the need for an institutional forum for international monetary cooperation. As early as 1944, the British economist John Maynard Keynes stressed “the importance of rules-based regimes to stabilize business expectations,” which he accepted in the fixed-rate Bretton Woods system. The monetary problems of the interwar years were greatly aggravated by the absence of an established procedure or machine for intergovernmental consultations. The agreement provides for a system of valuation of the customs value that bases the customs value primarily on the transaction value of the imported goods, which is the price actually paid or payable for the goods when they are sold for export to the importing country, with certain adjustments. 1.

Where the commitment remaining after the clearing referred to in point (b) of Article XXIV(2) is concluded by the resigning participant and the transaction agreement between the Fund and the terminating participant is not agreed within six months of the date of termination, the Fund shall terminate that balance of the special drawing rights in equal half-yearly instalments within a maximum period of five years from the date of termination. date of termination. The Fund shall pay that balance, in accordance with its disposition, either by paying to the resigning participant the sums that the remaining participants have made available to the Fund in accordance with Article XXIV, Section 5, or by authorizing the resigning participant to use its special drawing rights to obtain its own currency or a freely usable currency from a participant designated by the Fund; the general resources account or any other holder. Why dollars? The United States held three-quarters of the world`s gold supply. No other currency had enough gold to insure it as a replacement. . . .

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