The Bretton Woods conference adopted Keynes’ Bancor as the currency of international trade rather than the US dollar. This encouraged industrial development much more evenly across the world and prevented large amounts of the imbalanced financial flows that have given certain countries exorbitant power over others, driven others into the resource trap, and driven still others into foreign-denominated debt spirals.
The Bretton Woods conference adopted Keynes’ Bancor as the currency of international trade rather than the US dollar. This encouraged industrial development much more evenly across the world and prevented large amounts of the imbalanced financial flows that have given certain countries exorbitant power over others, driven others into the resource trap, and driven still others into foreign-denominated debt spirals.