Australia at Bretton Woods

Selwyn Cornish and I have a CFS working paper out on “Australia’s Full Employment Proposals at Bretton Woods: A Road Only Partly Taken.”

At the Bretton Woods conference, Australia proposed that full employment be a primary goal of international economic cooperation. Australia’s ideas were connected with its historical experience: three enormous financial and economic shocks in the two generations before Bretton Woods that disrupted employment.

The United States in particular opposed Australia’s proposals. They did receive a hearing after Bretton Woods, but never became part of the fabric of international economic cooperation. Happily for Australia, since Bretton Woods it has avoided shocks of the magnitude it experienced in the two generations before. Australia’s proposals remain of interest, though, both because many countries are still far from full employment and because the Bretton Woods institutions have become involved in labor market reforms as part of broader structural economic reforms in member countries.

The paper takes advantage of the knowledge of Australian archives that Selwyn Cornish has built up over the course of his career, which includes a longtime position as the official historian of the Reserve Bank of Australia. I presented the paper at a conference about Bretton Woods held at Yale University in November. A revised version will likely appear in a volume springing from the conference, to be published by Yale University Press. Selwyn and I welcome comments, which we will consider for incorporation into the revised version.

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About Kurt Schuler

Kurt Schuler, co-editor of The Bretton Woods Transcripts, is Senior Fellow of Financial History at the Center for Financial Stability and an economist in the Office of International Affairs at the United States Department of the Treasury.