As explained in the article, the undoing of the Bretton Woods system, which had essentially helped rebuild much of the war-torn world after World War II, seemed to start with differing perspectives on how the system was working. "America felt its erstwhile allies could do more to reduce their surpluses by inflating or revaluing their currencies; the Europeans and Japanese, conversely, contended that it was the responsibility of the United States, with the world's biggest deficit, to take the first steps to correct the situation. Both sides felt discriminated against" (6). These views on the power of the United States in a system that, admittedly to other nations, was run by the United States, and the US dollar, began to become arguments, and soon deep rifts between nations, and soon the end of the system as a whole. "The debate over asymmetries masked a deeper political conflict. The postwar bargain was coming unstuck. In the United States, concern was growing about the competitive commercial threat from Europe and Japan...Conversely, concern was growing in Europe and Japan about America's use of its privilege of liability financing - the "exorbitant privilege" (6). So what is there to do? Obviously different perspectives on the issue would eventually lead the system (and many other ways of thinking before it) to disaster, culminating with Nixon abdicating the US dollar from the gold standard in 1971. Is it inevitable for such a system to work consistently when no two people or states share the exact same mindset? We can't forget, however, that there were other suggestions in creating the Bretton Woods system following World War II. Keynes seemed to have a different idea that wasn't expanded on much in the article; perhaps his theory could have at least lasted longer than the system that arose? Either way, it's futile to think that there could ever be an "end" to incompatible theories. We can only hope that, over time, the weaker and less-approved thoughts will eventually fade away, while the strong and comprehensive perspectives will prevail as we learn more about international relations and our world as a whole.
I don't want to get into a philosophy talk here, but if one perspective is deemed correct compared another, isn't that also a perspective? A theory could be "accurate," but it all depends on who you ask. For instance, some would argue that the US's presence in Iraq has been the accurate and correct policy, while others may argue that the decision to invade Iraq was a tactical blunder and was the wrong thing to do. Ask someone on Wall Street whether they think the financial bailouts were an "accurate" assessment or perspective of the financial situation, and then ask a teacher if they feel the US government had a good perspective of the crisis. Again, the perspective of situations is dependent on who is being asked. There is no higher court to decide which perspective is correct or incorrect, at least in this country (so much as the Supreme Court has tried).
Citizens of the world, and states as the actors in the global international relations area, need to keep in mind perspectives of other peoples and other nations when crafting international policy within supranational organizations, such as with the Bretton Woods System. Every rational theory should get its day in court, to be judged accordingly based on "accuracy." When the strong theories remain (hopefully the strongest will survive), then can we move forward in discussing the "best" perspectives. I feel that, given mankind's progression through history in discarding antiquated ideals and perspectives, this lofty idea is not totally out of reach.
I'll leave you with what I think is an appropriate quote from one of my favorite movies:
I do agree with you that when labeling certain perspectives as "accurate," it all depends on who is doing this labeling, as you have exemplified.
ReplyDeleteWhen you say, however, that "We can only hope that, over time, the weaker and less-approved thoughts will eventually fade away, while the strong and comprehensive perspectives will prevail as we learn more about international relations and our world as a whole," I feel a bit puzzled. Who is to say which theories are "stronger" and more "comprehensive" than others? Isn't that up for interpretation also? And I do not think that we should let "weaker and less-approved thoughts...fade away" because these theories could prove beneficial in certain international situations. I think theories will change their level of strength and relevancy depending on the situation they are applied to.
Bria,
ReplyDeleteWhat I was trying to get across is that there are simply perspectives and ideals that have been outdated or unwanted across history. I apologize, it's difficult to convey this type of message without diving into a religion debate when you come to the "ultimate decider" portion of my post. My post was long and incoherent enough already; I didn't want to confuse people any more than I had to.
This type of erosion of perspectives is not unprecedented throughout history. Now, I know Professor Jackson told us to steer clear of Hitler at all costs during discussions, but hear me out. The Nazi movement, in all but a few scattered loons among the world, is eradicated. Their perspective on how things should be (a German-centered world, with an Aryan race). Rationalization and pragmatism among the global population were instrumental in dismantling the Nazi regime. Now, discussing matters like differences in the tax plans of Republicans and Democrats, there is justification in providing equal chances for all perspectives to be heard. But we've seen throughout history, whether it is in the sciences (I don't see many people saying the Sun revolves around the Earth anymore), or international theories which I mentioned, rational thinking will eventually erode perspectives that are fundamentally weaker, and in so (hopefully) a brighter future is ahead.