Multilateral Economic Diplomacy: From Participant to Positive Contributor

Abstract

In July 1944 a conference of the Allied Powers was held in Bretton Woods in New Hampshire, USA, to discuss the postwar economic order. As a result of the agreement reached there two international organizations were established: International Monetary Fund (IMF), and International Bank of Reconstruction and Development (IBRD). On 14 August 1952 Japan also joined the IBRD. In August 1971 President Nixon announced a new economic policy, including a temporary suspension of the exchange rate of dollars for gold. In the following years discussions at the G7 Economic Summit centred around the key issue of combating 'stagflation' in the world economy. Since the postwar period, when the major developed countries discussed macroeconomic policy or trade issues to ensure that the most dynamic development of the global economy, the question of the developing countries, or the question of development in general, was one of the key issues in their deliberations.Keywords: G7 Economic Summit; IBRD; International Monetary Fund (IMF); Japan