Is the Bretton Woods System Now Outdated in the 21st Century?

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Essay #: 052237
Total text length is 15,130 characters (approximately 10.4 pages).

Excerpts from the Paper

The beginning:
Is the Bretton Woods system now outdated in the 21st century?
Those in support of the relevance of the Bretton Woods system in today’s society highlight its rich ideals, as well as its noble goal of reordering the international economic system. Such proponents believe that money is mobilized for “an enlightened cause” (Mallaby W3). The system, Woods enthusiasts argue, is a triumph of multilateral coordination. It does not give weight to one region over another, and features countries as diverse at the Philippines, Liberia and Honduras. 
However, those who suggest that the Bretton Woods system is now outdated in the 21st century point to our greatly changed global economic climate, with its complex interrelationships, and also to the...
The end:
.....Woods-style of government. This latest meeting proves that the system no longer works; if it ever did. 
Works Cited
Armizo, L. E. “The Political Geography of World Financial Reform: Who Wants What and Why”, Global Governance 7.4 (Oct-Dec 2001): 379-396.
Bernanke, B. S. “Four Questions about the Financial Crisis.” 14 Apr. 2009. Board of Governors of the Federal Reserve System. 25 May 2009. 
Jackson, R., Sorensen, G. (2007) Introduction to International Relations; Theories and approaches. E.3, Oxford University Press, UK. 
Kennedy, S. & Donaldson, S. “World leaders pledge US$1-trillion in aid.” 2 Apr. 2009. Financial Post. 25 May 2009. 
Mallaby, S. “A 21st-Century Bretton Woods.” 25 Oct. 2008. The Wall Street Journal. p. W3. 25 May 2009.