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144-613: The Halifax Initiative Coalition was formed in the context of an international movement of non-governmental organizations focused on evaluating the role and record of the Bretton Woods Institutions at the time of their 50th Anniversary. Canadian NGOs formed the Halifax Initiative in December 1994 to ensure that demands for fundamental reform of the international financial institutions (IFIs) were high on

288-473: A de jure sovereignty over the area. In 1669, the district around Puerto Deseado was explored by John Davis and was claimed in 1670 by Sir John Narborough for King Charles II of England , but the English made no attempt to establish settlements or explore the interior. The first European explorers of Patagonia observed that the indigenous people in the region were taller than the average Europeans of

432-457: A US dollar tied to gold —a system that relied on a regulated market economy with tight controls on the values of currencies. Flows of speculative international finance were curtailed by shunting them through and limiting them via central banks. This meant that international flows of investment went into foreign direct investment (FDI)—i.e., construction of factories overseas, rather than international currency manipulation or bond markets. Although

576-859: A dissected topography . The Antarctic Plate started to subduct beneath South America 14 million years ago in the Miocene, forming the Chile Triple Junction . At first, the Antarctic Plate subducted only in the southernmost tip of Patagonia, meaning that the Chile Triple Junction was located near the Strait of Magellan . As the southern part of the Nazca Plate and the Chile Rise became consumed by subduction,

720-522: A Patagonian landscape; the presence of austral parakeets ( Enicognathus ferrugineus ) as far south as the shores of the strait attracted the attention of the earlier navigators, and green-backed firecrowns ( Sephanoides sephaniodes ), a species of hummingbird , may be seen flying amid the snowfall. One of the largest birds in the world, the Andean condor ( Vultur gryphus ) can be seen in Patagonia. Of

864-419: A derivation meaning "land of the big feet". However, this etymology is questionable. The term is most likely derived from an actual character name, "Patagón", a savage creature confronted by Primaleón of Greece, the hero in the homonymous Spanish chivalry novel (or knight-errantry tale ) by Francisco Vázquez. This book, published in 1512, was the sequel of the romance Palmerín de Oliva ;it was much in vogue at

1008-560: A difficult winter at what he named Puerto San Julián before resuming its voyage further south on 21 August 1520. During this time, it encountered the local inhabitants, likely to be Tehuelche people , described by his reporter, Antonio Pigafetta, as giants called Patagons . The territory became the Spanish colony of the Governorate of New Léon, granted in 1529 to Governor Simón de Alcazaba y Sotomayor  [ es ] , part of

1152-655: A financial account surplus, and payments balanced. Increasingly, Britain's positive balance of payments required keeping the wealth of Empire nations in British banks. One incentive for, say, South African holders of rand to park their wealth in London and to keep the money in Sterling, was a strongly valued pound sterling. In the 1920s, imports from the US threatened certain parts of the British domestic market for manufactured goods and

1296-649: A hunter-gathered lifestyle. The indigenous peoples of the region included the Tehuelches , whose numbers and society were reduced to near extinction not long after the first contacts with Europeans. Tehuelches included the Gununa'kena to the north, Mecharnuekenk in south-central Patagonia, and the Aonikenk or Southern Tehuelche in the far south, north of the Magellan strait. On Isla Grande de Tierra del Fuego ,

1440-609: A part of the Los Lagos Region , is also located within Patagonia. By some definitions, Chiloé Archipelago, the rest of the Los Lagos Region, and part of the Los Ríos Region are also part of Patagonia. Patagonia's climate is mostly cool and dry year round. The east coast is warmer than the west, especially in summer, as a branch of the southern equatorial current reaches its shores, whereas the west coast

1584-404: A process that dragged on in a halting and uncoordinated manner until France and the other Gold Bloc countries finally left gold in 1936. — Great Depression , B. Bernanke In 1944 at Bretton Woods, as a result of the collective conventional wisdom of the time, representatives from all the leading allied nations collectively favored a regulated system of fixed exchange rates, indirectly disciplined by

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1728-422: A region of steppe -like plains, rising in a succession of 13 abrupt terraces about 100 m (330 ft) at a time, and covered with an enormous bed of shingle almost bare of vegetation. In the hollows of the plains are ponds or lakes of fresh and brackish water. Towards Chilean territory, the shingle gives way to porphyry , granite , and basalt lavas, and animal life becomes more abundant. Vegetation

1872-602: A repetition of this process of competitive devaluations was desired, but in a way that would not force debtor nations to contract their industrial bases by keeping interest rates at a level high enough to attract foreign bank deposits. John Maynard Keynes , wary of repeating the Great Depression , was behind Britain's proposal that surplus nations be forced by a "use-it-or-lose-it" mechanism, to either import from debtor nations, build factories in debtor nations or donate to debtor nations. The U.S. opposed Keynes' plan, and

2016-583: A result, discussions of the Tobin Tax reemerged in national referendums around the world and in United Nations ' studies, and lent growing support for global taxes. Halifax Initiative has also done work in relation to export credit agencies. In recent years, the Canadian government adopted legislation that requires Canada’s export credit agency (ECA), Export Development Canada , to take into account

2160-477: A senior official at the U.S. Treasury, Harry Dexter White , rejected Keynes' proposals, in favor of an International Monetary Fund with enough resources to counteract destabilizing flows of speculative finance. However, unlike the modern IMF, White's proposed fund would have counteracted dangerous speculative flows automatically, with no political strings attached—i.e., no IMF conditionality . Economic historian Brad Delong writes that on almost every point where he

2304-726: A ship in the North Atlantic, was the most notable precursor to the Bretton Woods Conference. Like Woodrow Wilson before him, whose " Fourteen Points " had outlined U.S. aims in the aftermath of the First World War , Roosevelt set forth a range of ambitious goals for the postwar world even before the U.S. had entered the Second World War. The Atlantic Charter affirmed the right of all nations to equal access to trade and raw materials. Moreover,

2448-754: A site for the conservation of marine mammals . The Patagonian freshwater fish fauna is relatively restricted compared to other similar Southern Hemisphere regions. The Argentine part is home to a total of 29 freshwater fish species, 18 of which are native. The introduced are several species of trout , common carp , and various species that originated in more northerly parts of South America. The natives are osmeriforms ( Aplochiton and Galaxias ), temperate perches ( Percichthys ), catfish ( Diplomystes , Hatcheria and Trichomycterus ), Neotropical silversides ( Odontesthes ) and characiforms ( Astyanax , Cheirodon , Gymnocharacinus , and Oligosarcus ). Other Patagonian freshwater fauna include

2592-576: A small portion of northwestern Patagonia, indigenous peoples practiced agriculture, while in the remaining territory, peoples lived as hunter-gatherers, traveling by foot in eastern Patagonia or by dugout canoe and dalca in the fjords and channels . In colonial times indigenous peoples of northeastern Patagonia adopted a horseriding lifestyle. While the interest of the Spanish Empire had been chiefly to keep other European powers away from Patagonia, independent Chile and Argentina began to colonize

2736-416: A strong European market for U.S. goods and services, most policymakers believed, the U.S. economy would be unable to sustain the prosperity it had achieved during the war. In addition, U.S. unions had only grudgingly accepted government-imposed restraints on their demands during the war, but they were willing to wait no longer, particularly as inflation cut into the existing wage scales with painful force (by

2880-722: A system of rules, institutions, and procedures to regulate the international monetary system , these accords established the IMF and the International Bank for Reconstruction and Development (IBRD), which today is part of the World Bank Group . The United States, which controlled two-thirds of the world's gold, insisted that the Bretton Woods system rest on both gold and the US dollar . Soviet representatives attended

3024-402: A system wherein exchange rate stability was a prime goal. Yet, in an era of more activist economic policy, governments did not seriously consider permanently fixed rates on the model of the classical gold standard of the 19th century. Gold production was not even sufficient to meet the demands of growing international trade and investment. Further, a sizable share of the world's known gold reserves

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3168-472: A temperature of −25   °C has been recorded in Bariloche, and most places can often have temperatures between −12 and −15   °C and highs staying around 0   °C for a few days. Directly east of these areas, the weather becomes much harsher; precipitation drops to between 150 and 300 mm, the mountains no longer protect the cities from the wind, and temperatures become more extreme. Maquinchao

3312-470: A worldwide monetary expansion despite gold standard constraints, but disputes over World War I reparations and war debts, and the insularity and inexperience of the Federal Reserve , among other factors, prevented this outcome. As a result, individual countries were able to escape the deflationary vortex only by unilaterally abandoning the gold standard and re-establishing domestic monetary stability,

3456-636: Is a unitary state , its first-level administrative divisions—the regions—enjoy far less autonomy than analogous Argentine provinces. Argentine provinces have elected governors and legislatures, while Chilean regions had government-appointed intendants prior to the adoption of elected governors from 2021. The Patagonian Provinces of Argentina are Neuquén , Río Negro , Chubut , Santa Cruz , and Tierra del Fuego . The southernmost part of Buenos Aires Province can also be considered part of Patagonia. The two Chilean regions undisputedly located entirely within Patagonia are Aysén and Magallanes . Palena Province ,

3600-484: Is a few hundred kilometers east of Bariloche, at the same altitude on a plateau, and summer daytime temperatures are usually about 5   °C warmer, rising up to 35   °C sometimes, but winter temperatures are much more extreme: the record is −35   °C, and some nights not uncommonly reach 10   °C colder than Bariloche. The plateaus in Santa Cruz province and parts of Chubut usually have snow cover through

3744-505: Is called "Camwy" in Patagonian Welsh. Chupat, Chubut and Camwy have the same meaning and are used to talk about the river and the province. Welsh settlers and placenames are associated with one of the projects of the country of Wales, Project Hiraeth. Due to the language, culture and location, many Patagonians do not consider themselves Latinos and proudly call themselves Patagonians instead. People from Y Wladfa, Laurie Island,

3888-497: Is caused principally by the sudden melting and retreat of ice aided by tectonic changes, has scooped out a deep longitudinal depression, best in evidence where in contact with folded Cretaceous rocks, which are lifted up by the Cenozoic granite. It generally separates the plateau from the first lofty hills, whose ridges are generally called the pre-Cordillera. To the west of these, a similar longitudinal depression extends all along

4032-490: Is more luxuriant, consisting principally of southern beech and conifers . The high rainfall against the western Andes ( Wet Andes ) and the low sea-surface temperatures offshore give rise to cold and humid air masses, contributing to the ice fields and glaciers , the largest ice fields in the Southern Hemisphere outside of Antarctica. Among the depressions by which the plateau is intersected transversely,

4176-641: Is very scarce. The weather only gets a bit colder further south in Chubut, and the city of Comodoro Rivadavia has summer temperatures of 24 to 28   °C, nights of 12 to 16   °C, and winters with days around 10   °C and nights around 3   °C, and less than 250 mm of rain. However, a drastic drop occurs as one moves south to Santa Cruz; Rio Gallegos, in the south of the province, has summer temps of 17 to 21   °C, (nights between 6 and 10   °C) and winter temperatures of 2 to 6   °C, with nights between −5 and 0   °C, despite being right on

4320-460: Is washed by a cold current. However, winters are colder on the inland plateaus east of the slopes and further down the coast on the southeast end of the Patagonian region. For example, at Puerto Montt , on the inlet behind Chiloé Island, the mean annual temperature is 11 °C (52 °F) and the average extremes are 25.5 and −1.5 °C (77.9 and 29.3 °F), whereas at Bahía Blanca near

4464-579: The 1931 banking crisis . Intransigent insistence by creditor nations for the repayment of Allied war debts and reparations, combined with an inclination to isolationism , led to a breakdown of the international financial system and a worldwide economic depression. The beggar thy neighbor policies that emerged as the crisis continued saw some trading nations using currency devaluations in an attempt to increase their competitiveness (i.e. raise exports and lower imports), though recent research suggests this de facto inflationary policy probably offset some of

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4608-750: The Andes Mountains with lakes, fjords , temperate rainforests , and glaciers in the west and deserts , tablelands , and steppes to the east. Patagonia is bounded by the Pacific Ocean on the west, the Atlantic Ocean to the east, and many bodies of water that connect them, such as the Strait of Magellan , the Beagle Channel , and the Drake Passage to the south. The Colorado and Barrancas rivers, which run from

4752-577: The Cuncos (also known as Veliches) settled in Chiloé Island in Pre-Hispanic times as a consequence of a push from more northern Huilliches who in turn were being displaced by Mapuches . While being outside traditional Huilliche territory the western Patagonian volcanoes Michimahuida , Hornopirén and Chaitén have Huilliche etymologies. In Chubut Province modern toponymy comes from

4896-803: The Early Holocene (c. 9000 years BP ) much in the same way that Riesco Island was back then. A Selk'nam tradition recorded by the Salesian missionary Giuseppe María Beauvoir relate that the Selk'nam arrived in Tierra del Fuego by land, and that the Selk'nam were later unable to return north as the sea had flooded their crossing. Agriculture was practised in Pre-Hispanic Argentina as far south as southern Mendoza Province . Agriculture

5040-561: The Finance Minister on international financial institutions issues. Halifax Initiative has informed thousands of Canadians through their Teach-Ins, film-screenings, conferences, tours and press releases about issues related to and including the World Bank, IMF, G20, G8 , privatization , human rights and international debt. Bretton Woods system The Bretton Woods system of monetary management established

5184-667: The Governorates of the Spanish Empire of the Americas. The territory was redefined in 1534 and consisted of the southernmost part of the South American continent and the islands towards Antarctica. Rodrigo de Isla , sent inland in 1535 from San Matías by Simón de Alcazaba y Sotomayor (on whom western Patagonia had been conferred by Charles I of Spain , is presumed to have been the first European to have traversed

5328-559: The Great Depression , which created a popular demand for governmental intervention in the economy, and out of the theoretical contributions of the Keynesian school of economics, which asserted the need for governmental intervention to counter market imperfections. However, increased government intervention in domestic economy brought with it isolationist sentiment that had a profoundly negative effect on international economics. The priority of national goals, independent national action in

5472-522: The Patagonian mara ( Dolichotis patagonum ) are also characteristic of the steppe and the pampas to the north. The fauna of Patagonia was heavily decimated by the end-Pleistocene extinction event around 12-10,000 years ago that resulted in the extinction of most large ( megafaunal ) animal species native to the region (as well as across the Americas). Species formerly present in the region include

5616-506: The Selk'nam (Ona) and Haush (Manek'enk) lived in the north and southeast, respectively. In the archipelagos to the south of Tierra del Fuego were Yámana, with the Kawéskar (Alakaluf) in the coastal areas and islands in western Tierra del Fuego and the southwest of the mainland. In the Patagonian archipelagoes north of Taitao Peninsula lived the Chonos . These groups were encountered in

5760-499: The Tobin tax , a form of capital control. On March 23, 1999, due in part to the Halifax Initiative work with Members of Parliament , members from all five political parties contributed to a vote which passed a private member motion on the Tobin tax . The motion was originally brought forward by New Democratic Party MP Lorne Nystrom . The motion passed by a margin of 164 to 83, including that of 131 Liberal Party of Canada members. As

5904-541: The United States Secretary of State from 1933 to 1944. Hull believed that the fundamental causes of the two world wars lay in economic discrimination and trade warfare. Hull argued [U]nhampered trade dovetailed with peace; high tariffs, trade barriers, and unfair economic competition, with war … if we could get a freer flow of trade…freer in the sense of fewer discriminations and obstructions…so that one country would not be deadly jealous of another and

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6048-633: The Yagagtoo , Musters , and Colhue Huapi , and others situated to the south of Puerto Deseado in the center of the country. Across much of Patagonia east of the Andes, volcanic eruptions have created formation of basaltic lava plateaus during the Cenozoic . The plateaus are of different ages with the older –of Neogene and Paleogene age– being located at higher elevations than Pleistocene and Holocene lava plateaus and outcrops. Erosion, which

6192-563: The patagon personage in the chivalric romances Primaleon printed in 1512, ten years before Magellan arrived in these southern lands. This hypothesis was published in a 2011 New Review of Spanish Philology report. There are various placenames in the Chiloé Archipelago with Chono etymologies despite the main indigenous language of the archipelago at the arrival of the Spanish being Mapudungun . A theory postulated by chronicler José Pérez García explains this holding that

6336-496: The 1930s, the British created their own economic bloc to shut out U.S. goods. Churchill did not believe that he could surrender that protection after the war, so he watered down the Atlantic Charter's "free access" clause before agreeing to it. Yet U.S. officials were determined to open their access to the British empire. The combined value of British and U.S. trade was well over half of all the world's trade in goods. For

6480-399: The 1930s. Thus, negotiators at Bretton Woods also agreed that there was a need for an institutional forum for international cooperation on monetary matters. Already in 1944, the British economist John Maynard Keynes emphasized "the importance of rule-based regimes to stabilize business expectations"—something he accepted in the Bretton Woods system of fixed exchange rates. Currency troubles in

6624-504: The 19th and early 20th centuries gold played a key role in international monetary transactions. The gold standard was used to back currencies; the international value of currency was determined by its fixed relationship to gold; gold was used to settle international accounts. The gold standard maintained fixed exchange rates that were seen as desirable because they reduced the risk when trading with other countries. Imbalances in international trade were theoretically rectified automatically by

6768-611: The 40th parallel, they found a "land" or a "point extending into the sea", and further south, a gulf. The expedition is said to have rounded the gulf for nearly 300 km (186 mi) and sighted the continent on the southern side of the gulf. The Atlantic coast of Patagonia was first fully explored in 1520 by the Spanish expedition led by Ferdinand Magellan , who on his passage along the coast named many of its more striking features – San Matías Gulf, Cape of 11,000 Virgins (now simply Cape Virgenes ), and others. Magellan's fleet spent

6912-570: The Advisory Group facilitated the inclusion of recommendations regarding EDC in the final, consensus-based report. Those recommendations concern the adoption of enhanced transparency, human rights and environmental policies by EDC. The Halifax Initiative has been actively engaged in the mandate of the UN Secretary-General's Special Representative on business and human rights. In 2008, Halifax Initiative submitted an analysis on

7056-524: The Andes to the Atlantic, are commonly considered the northern limit of Argentine Patagonia. The archipelago of Tierra del Fuego is sometimes included as part of Patagonia. Most geographers and historians locate the northern limit of Chilean Patagonia at Huincul Fault , in Araucanía Region . At the time of the Spanish arrival , Patagonia was inhabited by multiple indigenous tribes. In

7200-676: The Atlantic Islands, Antarctica (including the Chilean town in Antarctica, "The Stars Village", and the Argentine civilian settlement, "Hope Base"), other non-latin speaking areas use this term as a patriotic and inclusive demonym. A Patagonian is a person that is part of the Patagonia region, language and culture. That person could be a citizen from Chilean Patagonia, Argentine Patagonia, or of native communities that existed before

7344-431: The Atlantic coast and just outside the northern confines of Patagonia, the annual temperature is 15 °C (59 °F) and the range much greater, as temperatures above 35   °C and below −5   °C are recorded every year. At Punta Arenas, in the extreme south, the mean temperature is 6 °C (43 °F) and the average extremes are 24.5 and −2 °C (76.1 and 28.4 °F). The prevailing winds are westerly, and

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7488-478: The Atlantic coast of Patagonia. The geological limit of Patagonia has been proposed to be Huincul Fault , which forms a major discontinuity. The fault truncates various structures including the Pampean orogen found further north. The ages of base rocks change abruptly across the fault. Discrepancies have been mentioned among geologists on the origin of the Patagonian landmass. Víctor Ramos has proposed that

7632-455: The Atlantic coast, through the Strait of Magellan and northward along the Pacific coast, was memorable, yet the descriptions of the geography of Patagonia owe much more to the Spanish explorer Pedro Sarmiento de Gamboa (1579–1580), who, devoting himself especially to the south-west region, made careful and accurate surveys. The settlements that he founded at Nombre de Jesús and San Felipe

7776-430: The Bretton Woods conference, fresh from what they perceived as a disastrous experience with floating rates in the 1930s, concluded that major monetary fluctuations could stall the free flow of trade. The new economic system required an accepted vehicle for investment, trade, and payments. Unlike national economies, however, the international economy lacks a central government that can issue currency and manage its use. In

7920-542: The IMF in 2000, two key mechanisms for increasing public accountability in the Institutions. Canada’s played a leadership role internationally in fostering debate over the reform of the global financial system , in recognition of the severe limitations of the IMF's ability to provide global economic stability. For example, Canada’s promoted emergency stand-still clauses, the creation of the G-20 , and gave its support for

8064-554: The Patagonian landmass originated as an allochthonous terrane that separated from Antarctica and docked in South America 250 to 270 Mya in the Permian period. A 2014 study by R.J. Pankhurst and coworkers rejects any idea of a far-traveled Patagonia, claiming it is likely of parautochtonous (nearby) origin. The Mesozoic and Cenozoic deposits have revealed a most interesting vertebrate fauna. This, together with

8208-422: The Patagonian plains. The Patagonian steppe is one of the last strongholds of the guanaco and Darwin's rheas ( Rhea pennata ), which had been hunted for their skins by the Tehuelches , on foot using boleadoras , before the diffusion of firearms and horses ; they were formerly the chief means of subsistence for the natives, who hunted them on horseback with dogs and bolas . Vizcachas ( Lagidum spp.) and

8352-515: The Treasuries of the U.S. and the UK. U.S. representatives studied with their British counterparts the reconstitution of what had been lacking between the two world wars: a system of international payments that would let nations trade without fear of sudden currency depreciation or wild exchange rate fluctuations—ailments that had nearly paralyzed world capitalism during the Great Depression . Without

8496-452: The U.S. dollar took over the role that gold had played under the gold standard in the international financial system . Meanwhile, to bolster confidence in the dollar, the U.S. agreed separately to link the dollar to gold at the rate of $ 35 per ounce. At this rate, foreign governments and central banks could exchange dollars for gold. Bretton Woods established a system of payments based on the dollar, which defined all currencies in relation to

8640-458: The U.S. to open global markets, it first had to split the British (trade) empire. While Britain had economically dominated the 19th century, U.S. officials intended the second half of the 20th to be under U.S. hegemony . A senior official of the Bank of England commented: One of the reasons Bretton Woods worked was that the U.S. was clearly the most powerful country at the table and so ultimately

8784-538: The United States, a fact that contributed to the supremacy of the United States. Thus, the U.S. dollar was strongly appreciated in the rest of the world and therefore became the key currency of the Bretton Woods system. Member countries could only change their par value by more than 10% with IMF approval, which was contingent on IMF determination that its balance of payments was in a " fundamental disequilibrium ". The formal definition of fundamental disequilibrium

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8928-489: The agenda of the Group of 7's 1995 Halifax Summit. Today, the Halifax Initiative is a liberal coalition of 19 development, environment, faith-based, human rights and labour groups, and has established itself as the Canadian presence for liberal public interest advocacy and education on IFI reform. Since their beginnings in 1994, they have worked through research, education, advocacy and alliance-building to fundamentally transform

9072-448: The amount of money would act to reduce the inflationary pressure. Supplementing the use of gold in this period was the British pound . Based on the dominant British economy, the pound became a reserve, transaction, and intervention currency. But the pound was not up to the challenge of serving as the primary world currency, given the weakness of the British economy after the Second World War. The architects of Bretton Woods had conceived of

9216-537: The banking and currency crises of 1931 instigated an international "scramble for gold". Sterilization of gold inflows by surplus countries [the U.S. and France], substitution of gold for foreign exchange reserves, and runs on commercial banks all led to increases in the gold backing of money, and consequently to sharp unintended declines in national money supplies. Monetary contractions in turn were strongly associated with falling prices, output and employment. Effective international cooperation could in principle have permitted

9360-480: The border with Chile, receives up to 434 mm of rain and snow in May, 297 mm in June, and 273 in July, compared to 80 in February and 72 in March. The total for the city is 2074 mm, making it one of the rainiest in Argentina. Further west, some areas receive up to 4,000 mm and more, especially on the Chilean side. In the northeast, the seasons for rain are reversed; most rain falls from occasional summer thunderstorms but totals barely reach 500 mm in

9504-421: The charter called for freedom of the seas (a principal U.S. foreign policy aim since France and Britain had first threatened U.S. shipping in the 1790s), the disarmament of aggressors, and the "establishment of a wider and more permanent system of general security". As the war drew to a close, the Bretton Woods conference was the culmination of some two and a half years of planning for postwar reconstruction by

9648-592: The coast in the north but happens more often in the south, and frost is usually not very intense. Immediately east from the coast are the Andes, cut by deep fjords in the south and by deep lakes in the north, and with varying temperatures according to the altitude. The tree line ranges from close to 2,000 m on the northern side (except for the Andes in northern Neuquén in Argentina, where sunnier and dryer conditions allow trees to grow up to close to 3,000 m), and diminishes southward to only 600–800   m in Tierra del Fuego. Precipitation changes dramatically from one spot to

9792-420: The coast. Snowfall is common despite the dryness, and temperatures are known to fall to under −18   °C and to remain below freezing for several days in a row. Rio Gallegos is also among the windiest places on Earth, with winds reaching 100 km/h occasionally. Tierra del Fuego is extremely wet in the west, relatively damp in the south, and dry in the north and east. Summers are cool (13 to 18   °C in

9936-491: The coastline of Patagonia is possibly mentioned in a Portuguese voyage in 1511–1512, traditionally attributed to captain Diogo Ribeiro, who after his death was replaced by Estevão de Frois, and was guided by the pilot and cosmographer João de Lisboa ). The explorers, after reaching Rio de la Plata (which they would explore on the return voyage, contacting the Charrúa and other peoples) eventually reached San Matias Gulf , at 42°S. The expedition reported that after going south of

10080-434: The conference but later declined to ratify the final agreements, charging that the institutions they had created were "branches of Wall Street". These organizations became operational in 1945 after a sufficient number of countries had ratified the agreement. According to Barry Eichengreen, the Bretton Woods system operated successfully due to three factors: "low international capital mobility , tight financial regulation , and

10224-623: The contractionary forces in world price levels (see Eichengreen "How to Prevent a Currency war" ). In the 1920s, international flows of speculative financial capital increased, leading to extremes in balance of payments situations in various European countries and the US. In the 1930s, world markets never broke through the barriers and restrictions on international trade and investment volume – barriers haphazardly constructed, nationally motivated and imposed. The various anarchic and often autarkic protectionist and neo-mercantilist national policies – often mutually inconsistent – that emerged over

10368-444: The convertibility of their respective currencies into other currencies and to free trade. What emerged was the " pegged rate " currency regime. Members were required to establish a parity of their national currencies in terms of the reserve currency (a "peg") and to maintain exchange rates within plus or minus 1% of parity (a "band") by intervening in their foreign exchange markets (that is, buying or selling foreign money). In theory,

10512-597: The details of which are as yet poorly understood. Several sites have been excavated, notably caves such as Cueva del Milodon in Última Esperanza in southern Patagonia, and Tres Arroyos on Tierra del Fuego, that support this date. Hearths, stone scrapers, and animal remains dated to 9400–9200 BC have been found east of the Andes. At the close of the Pleistocene around 12-11,000 years ago (10,000-9,000 BC) Fishtail projectile points (a type of knapped stone spear point) were widespread across Patagonia (along with much of

10656-402: The developed states. Employment, stability, and growth were now important subjects of public policy. In turn, the role of government in the national economy had become associated with the assumption by the state of the responsibility for assuring its citizens of a degree of economic well-being. The system of economic protection for at-risk citizens sometimes called the welfare state grew out of

10800-652: The discovery of the perfect cranium of a turtle ( chelonian ) of the genus Niolamia , which is almost identical to Ninjemys oweni of the Pleistocene age in Queensland , forms an evident proof of the connection between the Australian and South American continents. The Patagonian Niolamia belongs to the Sarmienti Formation. Fossils of the mid-Cretaceous Argentinosaurus , which may be

10944-540: The dollar convertible to gold bullion for foreign governments and central banks at US$ 35 per troy ounce of fine gold (or 0.88867 gram fine gold per dollar). It also envisioned greater cooperation among countries in order to prevent future competitive devaluations , and thus established the International Monetary Fund (IMF) to monitor exchange rates and lend reserve currencies to nations with balance of payments deficits. Preparing to rebuild

11088-438: The dollar as good as gold. In fact, the dollar was even better than gold: it earned interest and it was more flexible than gold. The rules of Bretton Woods, set forth in the articles of agreement of the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), provided for a system of fixed exchange rates. The rules further sought to encourage an open system by committing members to

11232-514: The dollar, itself convertible into gold, and above all, "as good as gold" for trade. U.S. currency was now effectively the world currency, the standard to which every other currency was pegged. The U.S. dollar was the currency with the most purchasing power and it was the only currency that was backed by gold. Additionally, all European nations that had been involved in World War II were highly in debt and transferred large amounts of gold into

11376-485: The dominant economic and financial position of the United States and the dollar ." On 15 August 1971, the United States ended the convertibility of the US dollar to gold , effectively bringing the Bretton Woods system to an end and rendering the dollar a fiat currency . Shortly thereafter, many fixed currencies (such as the pound sterling ) also became free-floating, and the subsequent era has been characterized by floating exchange rates . The end of Bretton Woods

11520-463: The end of 1945, there had already been major strikes in the automobile, electrical, and steel industries). In early 1945, Bernard Baruch described the spirit of Bretton Woods as: if we can "stop subsidization of labor and sweated competition in the export markets", as well as prevent rebuilding of war machines, "oh boy, oh boy, what long term prosperity we will have." The United States could therefore use its position of influence to reopen and control

11664-721: The environment and to disclose information to the public on the projects it supports. These changes came after over 130,000 Canadians demanded change in a letter-writing campaign facilitated by the Halifax Initiative. During 2006/7, the Halifax Initiative participated in the multi-stakeholder Advisory Group to the National Roundtables on Corporate Social Responsibility and the Canadian Extractive Industry in Developing Countries (EDC). The participation of Halifax Initiative staff in

11808-616: The exchange rate and necessitate costly market interventions that risked depleting a country's foreign exchange reserves). The Bretton Woods Conference led to the establishment of the IMF and the IBRD (now the World Bank ), which remain powerful forces in the world economy as of the 2020s. A major point of common ground at the Conference was the goal to avoid a recurrence of the closed markets and economic warfare that had characterized

11952-491: The first half of the decade worked inconsistently and self-defeatingly to promote national import substitution , increase national exports, divert foreign investment and trade flows, and even prevent certain categories of cross-border trade and investment outright. Global central bankers attempted to manage the situation by meeting with each other, but their understanding of the situation as well as difficulties in communicating internationally, hindered their abilities. The lesson

12096-399: The first periods of European contact with different lifestyles, body decoration, and language, although it is unclear when this configuration emerged. Towards the end of the 16th century, Mapuche -speaking agriculturalists penetrated the western Andes and from there across into the eastern plains and down to the far south. Through confrontation and technological ability, they came to dominate

12240-626: The following: Canada was the first among the Group of 7 to cancel the debt of some of the poorest and most indebted countries, and played a key role in deepening debt relief offered by the World Bank and the IMF. Halifax Initiative has also been involved in World Bank accountability. Canada was instrumental in the revival of the Inspection Panel in 1999 and in the creation of the Independent Evaluation Office of

12384-524: The foot of the snowy Andean Cordillera. This latter depression contains the richest, most fertile land of Patagonia. Lake basins along the Cordillera were also gradually excavated by ice streams, including Lake Argentino and Lake Fagnano , as well as coastal bays such as Bahía Inútil . The establishment of dams near the Andes in Argentina in the 20th century has led to a sediment shortage along

12528-668: The funds to support allies such as France during the War; the Allies could not pay back Britain, so Britain could not pay back the U.S. The solution at Versailles for the French, British, and Americans seemed to entail ultimately charging Germany for the debts. If the demands on Germany were unrealistic, then it was unrealistic for France to pay back Britain, and for Britain to pay back the US. Thus, many "assets" on bank balance sheets internationally were actually unrecoverable loans, which culminated in

12672-416: The gold standard. A country with a deficit would have depleted gold reserves and would thus have to reduce its money supply . The resulting fall in demand would reduce imports and the lowering of prices would boost exports; thus, the deficit would be rectified. Any country experiencing inflation would lose gold and therefore would have a decrease in the amount of money available to spend. This decrease in

12816-500: The great Patagonian plain. If the men under his charge had not mutinied, he might have crossed the Andes to reach the Pacific coast. Pedro de Mendoza , on whom the country was next bestowed, founded Buenos Aires , but did not venture south. Alonso de Camargo  [ es ] (1539), Juan Ladrilleros (1557), and Hurtado de Mendoza (1558) helped to make known the Pacific coasts, and while Sir Francis Drake 's voyage in 1577 down

12960-748: The highly unusual aeglid crustaceans. Human habitation of the region dates back thousands of years, with some early archaeological findings in the area dated to at least the 13th millennium BC , although later dates around the 10th millennium BC are more securely recognized. Evidence exists of human activity at Monte Verde in Llanquihue Province , Chile, dated to around 14,500 years Before Present (~12,500 BC). The glacial-period ice fields and subsequent large meltwater streams would have made settlement difficult at that time. The region seems to have been inhabited continuously since 10,000 BC by various cultures and alternating waves of migration,

13104-859: The human rights obligations of export credit agencies to the Special Representative, John Ruggie . Mr. Ruggie acknowledged Halifax Initiative's work in this area and has called for enhanced human rights due diligence by export credit agencies. The Halifax Initiative worked on advocacy and media work around the Western China Poverty Reduction Project, and the Alumysa Aluminum smelter in Patagonia . These projects were subsequently cancelled or suspended. Among other things, Halifax Initiative institutionalized bi-annual civil society consultations with

13248-570: The importation of half of the nation's food and nearly all its raw materials except coal. The British had no choice but to ask for aid. Not until the United States signed an agreement on 6 December 1945 to grant Britain aid of $ 4.4 billion did the British Parliament ratify the Bretton Woods Agreements (which occurred later in December 1945). Free trade relied on the free convertibility of currencies. Negotiators at

13392-722: The international economic system while World War II was still being fought, 730 delegates from all 44 Allied nations gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire , United States, for the United Nations Monetary and Financial Conference, also known as the Bretton Woods Conference . The delegates deliberated from 1 to 22 July 1944, and signed the Bretton Woods agreement on its final day. Setting up

13536-550: The international financial system and its institutions to achieve poverty eradication, environmental sustainability and an equitable re-distribution of wealth. The coalition's work is focused on issues of: Over the past fifteen years, the support of their members has proven essential to the success of meeting the Coalition's objectives. Since December 1994, the Halifax Initiative has built public and policy-maker support for reform of IFIs. Some results from their efforts include

13680-478: The interwar period had yielded several valuable lessons. The experience of World War I was fresh in the minds of public officials. The planners at Bretton Woods hoped to avoid a repetition of the Treaty of Versailles after World War I, which had created enough economic and political tension to lead to WWII . After World War I, Britain owed the U.S. substantial sums, which Britain could not repay because it had used

13824-406: The interwar period, and the failure to perceive that those national goals could not be realized without some form of international collaboration—all resulted in "beggar-thy-neighbor" policies such as high tariffs , competitive devaluations that contributed to the breakdown of the gold-based international monetary system, domestic political instability, and international war. The lesson learned was, as

13968-404: The interwar years, it was felt, had been greatly exacerbated by the absence of any established procedure or machinery for intergovernmental consultation. Patagonia Patagonia ( Spanish pronunciation: [pataˈɣonja] ) is a geographical region that encompasses the southern end of South America , governed by Argentina and Chile . The region comprises the southern section of

14112-467: The land was divided by The Boundary Treaty of 1881 . Patagonia is divided between Western Patagonia (Chile) and Eastern Patagonia (Argentina) and several territories are still under dispute and claiming their rights. Mapuche people came from the Chilean Andes and voted to remain in different sides of Patagonia. Welsh settlers came from Wales and North America and voted to remain in Patagonia; when

14256-496: The large cow-sized ground sloth Mylodon , the large camel-like ungulate Macrauchenia , indigenous equines belonging to the genus Hippidion , the giant short-faced bear Arctotherium , and the large sabertooth cat Smilodon . The extinct fox Dusicyon avus (a close relative of the Falkland Islands wolf ) also formerly inhabited the region, until apparently becoming extinct around 500-400 years ago. Patagonia

14400-521: The largest of all dinosaurs, have been found in Patagonia, and a model of the mid- Jurassic Piatnitzkysaurus graces the concourse of the Trelew airport (the skeleton is in the Trelew paleontological museum; the museum's staff has also announced the discovery of a species of dinosaur even bigger than Argentinosaurus ). Of more than paleontological interest, the middle Jurassic Los Molles Formation and

14544-417: The living standards of all countries might rise, thereby eliminating the economic dissatisfaction that breeds war, we might have a reasonable chance of lasting peace. The developed countries also agreed that the liberal international economic system required governmental intervention. In the aftermath of the Great Depression , public management of the economy had emerged as a primary activity of governments in

14688-553: The many kinds of waterfowl the Chilean flamingo ( Phoenicopterus chilensis ), the upland goose ( Chloephaga picta ), and in the strait, the remarkable steamer ducks are found. Signature marine fauna include the southern right whale , the Magellanic penguin ( Spheniscus magellanicus ), the killer whale , and elephant seals . The Valdés Peninsula is a UNESCO World Heritage Site , designated for its global significance as

14832-469: The more developed market economies agreed with the U.S. vision of post-war international economic management, which intended to create and maintain an effective international monetary system and foster the reduction of barriers to trade and capital flows. In a sense, the new international monetary system was a return to a system similar to the pre-war gold standard, only using U.S. dollars as the world's new reserve currency until international trade reallocated

14976-888: The more northerly regions of the Antarctic Plate began to subduct beneath Patagonia so that the Chile Triple Junction advanced to the north over time. The asthenospheric window associated to the triple junction disturbed previous patterns of mantle convection beneath Patagonia inducing an uplift of c. 1 km that reversed the Miocene transgression. At a state level, Patagonia visually occupies an area within two countries: approximately 10% in Chile and approximately 90% in Argentina . Both countries have organized their Patagonian territories into nonequivalent administrative subdivisions: provinces and departments in Argentina, as well as regions , provinces , and communes in Chile. As Chile

15120-400: The national experts disagreed to some degree on the specific implementation of this system, all agreed on the need for tight controls. Also based on experience of the inter-war years, U.S. planners developed a concept of economic security—that a liberal international economic system would enhance the possibilities of postwar peace. One of those who saw such a security link was Cordell Hull ,

15264-448: The north, 12 to 16   °C in the south, with nights generally between 3 and 8   °C), cloudy in the south, and very windy. Winters are dark and cold, but without the extreme temperatures in the south and west ( Ushuaia rarely reaches −10   °C, but hovers around 0   °C for several months, and snow can be heavy). In the east and north, winters are much more severe, with cold snaps bringing temperatures down to −20   °C all

15408-411: The northeast corner, and rapidly decrease to less than 300 mm. The Patagonian west coast, which belongs exclusively to Chile, has a cool oceanic climate, with summer maximum temperatures ranging from 14   °C in the south to 19   °C in the north (and nights between 5 and 11   °C) and very high precipitation, from 2,000 to more than 7,000 mm in local microclimates. Snow is uncommon at

15552-476: The other and diminishes very quickly eastward. An example of this is Laguna Frías, in Argentina, which receives 4,400 mm yearly. The city of Bariloche, about 40 km further east, receives about 1,000 mm, and the airport, another 15 km east, receives less than 600 mm. The easterly slopes of the Andes are home to several Argentine cities: San Martín de los Andes , Bariloche, El Bolsón , Esquel , and El Calafate . Temperatures there are milder in

15696-535: The other peoples of the region in a short period of time, and are the principal indigenous community today. Navigators such as Gonçalo Coelho and Amerigo Vespucci possibly had reached the area (his own account of 1502 has it that they reached the latitude 52°S), but Vespucci's failure to accurately describe the main geographical features of the region such as the Río de la Plata casts doubts on whether they really did so. The first or more detailed description of part of

15840-402: The past this problem had been solved through the gold standard , but the architects of Bretton Woods did not consider this option feasible for the postwar political economy. Instead, they set up a system of fixed exchange rates managed by a series of newly created international institutions using the U.S. dollar (which was a gold standard currency for central banks) as a reserve currency . In

15984-408: The principal architect of the Bretton Woods system New Dealer Harry Dexter White put it: the absence of a high degree of economic collaboration among the leading nations will … inevitably result in economic warfare that will be but the prelude and instigator of military warfare on an even vaster scale. To ensure economic stability and political peace, states agreed to cooperate to closely regulate

16128-835: The principal ones are the Gualichu , south of the Río Negro , the Maquinchao and Valcheta (through which previously flowed the waters of Nahuel Huapi Lake , which now feed the Limay River), the Senguerr (spelled Senguer on most Argentine maps and within the corresponding region), and the Deseado River . Besides these transverse depressions (some of them marking lines of ancient interoceanic communication), others were occupied by either more or less extensive lakes, such as

16272-399: The production of their currencies to maintain fixed exchange rates between countries with the aim of more easily facilitating international trade. This was the foundation of the U.S. vision of postwar world free trade , which also involved lowering tariffs and, among other things, maintaining a balance of trade via fixed exchange rates that would be favorable to the capitalist system. Thus,

16416-462: The region, apparently hunting of guanaco, and to a lesser extent rhea ( ñandú ), were the primary food sources of tribes living on the eastern plains. It is also not clear if domestic dogs were part of early human activity. Bolas are commonly found and were used to catch guanaco and rhea . A maritime tradition existed along the Pacific coast, whose latest exponents were the Yaghan (Yámana) to

16560-463: The reserve currency would be the bancor (a World Currency Unit that was never implemented), proposed by John Maynard Keynes; however, the United States objected, and their request was granted, making the "reserve currency" the U.S. dollar. This meant that other countries would peg their currencies to the U.S. dollar, and—once convertibility was restored—would buy and sell U.S. dollars to keep market exchange rates within plus or minus 1% of parity. Thus,

16704-451: The rest of South America). At several sites these points have been found associated with extinct megafauna, including the large ground sloth Mylodon and the native equine Hippidion . The Cueva de las Manos is a famous site in Santa Cruz, Argentina. This cave at the foot of a cliff is covered in wall paintings, particularly the negative images of hundreds of hands, believed to date from around 8000 BC. Based on artifacts found in

16848-569: The rules for commercial relations among the United States , Canada , Western European countries, and Australia and other countries, a total of 44 countries after the 1944 Bretton Woods Agreement. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent states. The Bretton Woods system required countries to guarantee convertibility of their currencies into U.S. dollars to within 1% of fixed parity rates, with

16992-439: The rules of the world economy, so as to give unhindered access to all nations' markets and materials. United States allies—economically exhausted by the war—needed U.S. assistance to rebuild their domestic production and to finance their international trade; indeed, they needed it to survive. Before the war, the French and the British realized that they could no longer compete with U.S. industries in an open marketplace . During

17136-693: The singular mammal Pyrotherium , also of very large dimensions. In the Cenozoic marine formation, considerable numbers of cetaceans have been discovered. During the Oligocene and early Miocene , large swathes of Patagonia were subject to a marine transgression , which might have temporarily linked the Pacific and Atlantic Oceans, as inferred from the findings of marine invertebrate fossils of both Atlantic and Pacific affinity in La Cascada Formation . Connection would have occurred through narrow epicontinental seaways that formed channels in

17280-577: The south of Tierra del Fuego, the Kaweshqar between Taitao Peninsula and Tierra del Fuego, and the Chono people in the Chonos Archipelago . The Selk'nam , Haush , and Tehuelche are generally thought to be culturally and linguistically related peoples physically distinct from the sea-faring peoples. It is possible that Isla Grande de Tierra del Fuego was connected to the mainland in

17424-698: The still richer late Jurassic ( Tithonian ) and early Cretaceous ( Berriasian ) Vaca Muerta formation above it in the Neuquén basin are reported to contain huge hydrocarbon reserves (mostly gas in Los Molles, both gas and oil in Vaca Muerta) partly accessible through hydraulic fracturing . Other specimens of the interesting fauna of Patagonia, belonging to the Middle Cenozoic, are the gigantic wingless birds, exceeding in size any hitherto known, and

17568-494: The summer (in the north, between 20 and 24   °C, with cold nights between 4 and 9   °C; in the south, summers are between 16 and 20   °C, at night temperatures are similar to the north) and much colder in the winter, with frequent snowfall (although snow cover rarely lasts very long). Daytime highs range from 3 to 9   °C in the north, and from 0 to 7   °C in the south, whereas nights range from −5 to 2   °C everywhere. Cold waves can bring much colder values;

17712-515: The territory slowly over the course of the 19th and early 20th centuries. This process brought a decline of the indigenous populations, whose lives and habitats were disrupted, while at the same time thousands of Europeans, Argentines, Chilotes and mainland Chileans settled in Patagonia. The contemporary economy of eastern Patagonia revolves around sheep farming and oil and gas extraction, while in western Patagonia fishing , salmon aquaculture , and tourism dominate. The name Patagonia comes from

17856-578: The time, and a favorite reading of Magellan. Magellan's perception of the natives, dressed in skins, and eating raw meat, clearly recalled the uncivilized Patagón in Vázquez's book. Novelist and travel writer Bruce Chatwin suggests etymological roots of both Patagon and Patagonia in his book, In Patagonia , noting the similarity between "Patagon" and the Greek word παταγος, which means "a roaring" or "gnashing of teeth" (in his chronicle, Pigafetta describes

18000-446: The time, prompting some of them to believe that Patagonians were giants. According to Antonio Pigafetta, one of the Magellan expedition's few survivors and its published chronicler, Magellan bestowed the name Patagão (or Patagón ) on the inhabitants they encountered there, and the name "Patagonia" for the region. Although Pigafetta's account does not describe how this name came about, subsequent popular interpretations gave credence to

18144-477: The treaty was signed, they voted for culture and administration to be apart from the country keeping the settlement, language, schools, traditions, regional dates, flag, anthems, and celebrations. Patagonians also live abroad in settlements like Saltcoats, Saskatchewan , Canada; New South Wales , Australia; South Africa; the Falkland Islands; and North America. Argentine Patagonia is for the most part

18288-544: The way out of the trade deficit was to devalue the currency. But Britain could not devalue, or the Empire surplus would leave its banking system. Nazi Germany also worked with a bloc of controlled nations by 1940. Germany forced trading partners with a surplus to spend that surplus importing products from Germany. Thus, Britain survived by keeping Sterling nation surpluses in its banking system, and Germany survived by forcing trading partners to purchase its own products. The U.S.

18432-469: The way to the Rio Grande on the Atlantic coast. Snow can fall even in the summer in most areas, as well. The guanaco ( Lama guanicoe ), South American cougar ( Puma concolor concolor ), the Patagonian fox ( Lycalopex griseus ), Patagonian hog-nosed skunk ( Conepatus humboldtii ), and Magellanic tuco-tuco ( Ctenomys magellanicus ; a subterranean rodent ) are the most characteristic mammals of

18576-440: The westward slope has a much heavier precipitation than the eastern in a rainshadow effect; the western islands close to Torres del Paine receive an annual precipitation of 4,000 to 7,000 mm, whilst the eastern hills are less than 800 mm and the plains may be as low as 200 mm annual precipitation. Precipitation is highly seasonal in northwestern Patagonia. For example, Villa La Angostura in Argentina, close to

18720-620: The winter, and often experience very cold temperatures. In Chile, the city of Balmaceda is known for being situated in this region (which is otherwise almost exclusively in Argentina), and for being the coldest place in Chile. In 2017, temperatures even dropped down to −20   °C in the region. The northern Atlantic coast has warm summers (28 to 32   °C, but with relatively cool nights at 15   °C) and mild winters, with highs around 12   °C and lows about 2–3   °C. Occasionally, temperatures reach −10 or 40   °C, and rainfall

18864-560: The word patagón . Magellan used this term in 1520 to describe the native tribes of the region, whom his expedition thought to be giants. The people he called the Patagons are now believed to have been the Tehuelche , who tended to be taller than Europeans of the time. Argentine researcher Miguel Doura observed that the name Patagonia possibly derives from the ancient Greek region of modern Turkey called Paphlagonia , possible home of

19008-470: The word "chupat" belonging to a transitional language between the southern and northern Tehuelche ethnic groups that were located in that region called Tewsün or Teushen. The word means transparency and is related to the clarity and purity of the river that bears that name and runs through the province. It is also related to the origin of the Welsh pronunciation of the word "chupat" which later became "Chubut". It

19152-426: The world depression was a structurally flawed and poorly managed international gold standard. ... For a variety of reasons, including a desire of the Federal Reserve to curb the U.S. stock market boom, monetary policy in several major countries turned contractionary in the late 1920s—a contraction that was transmitted worldwide by the gold standard. What was initially a mild deflationary process began to snowball when

19296-627: The world's gold supply. Thus, the new system would be devoid (initially) of governments meddling with their currency supply as they had during the years of economic turmoil preceding WWII. Instead, governments would closely police the production of their currencies and ensure that they would not artificially manipulate their price levels. If anything, Bretton Woods was a return to a time devoid of increased governmental intervention in economies and currency systems. The Atlantic Charter , drafted during U.S. President Franklin D. Roosevelt 's August 1941 meeting with British Prime Minister Winston Churchill on

19440-437: Was able to impose its will on the others, including an often-dismayed Britain. At the time, one senior official at the Bank of England described the deal reached at Bretton Woods as "the greatest blow to Britain next to the war", largely because it underlined the way financial power had moved from the UK to the US. A devastated Britain had little choice. Two world wars had destroyed the country's principal industries that paid for

19584-411: Was at times practised beyond this limit in nearby areas of Patagonia but populations reverted at times to non-agricultural lifestyles. By the time of the Spanish arrival to the area (1550s) there is no record of agriculture being practised in northern Patagonia. The extensive Patagonian grasslands and an associated abundance of guanaco game may have contributed for the indigenous populations to favour

19728-617: Was concerned that a sudden drop-off in war spending might return the nation to unemployment levels of the 1930s, and so wanted Sterling nations and everyone in Europe to be able to import from the US, hence the U.S. supported free trade and international convertibility of currencies into gold or dollars. When many of the same experts who observed the 1930s became the architects of a new, unified, post-war system at Bretton Woods, their guiding principles became "no more beggar thy neighbor" and "control flows of speculative financial capital". Preventing

19872-463: Was formally ratified by the Jamaica Accords in 1976. There was a high level of agreement among the powerful nations that failure to coordinate exchange rates during the interwar period had exacerbated political tensions. This facilitated the decisions reached by the Bretton Woods Conference . Furthermore, all the participating governments at Bretton Woods agreed that the monetary chaos of

20016-408: Was formerly inhabited by the jaguar subspecies Panthera onca mesembrina (which is considerably larger than living jaguars) during the Pleistocene, with jaguars continuing to inhabit Patagonia into historic times (until the late 19th century), but are now extirpated from the region. Bird life is often abundant. The crested caracara ( Caracara plancus ) is one of the characteristic aspects of

20160-490: Was located in the Soviet Union , which would later emerge as a Cold War rival to the United States and Western Europe. The only currency strong enough to meet the rising demands for international currency transactions was the U.S. dollar. The strength of the U.S. economy, the fixed relationship of the dollar to gold ($ 35 an ounce), and the commitment of the U.S. government to convert dollars into gold at that price made

20304-548: Was neglected by the Spanish government, the latter being abandoned before Thomas Cavendish visited it in 1587 during his circumnavigation , and so desolate that he called it Port Famine . After the discovery of the route around Cape Horn, the Spanish Crown lost interest in southern Patagonia until the 18th century, when the coastal settlements Carmen de Patagones, San José, Puerto Deseado, and Nueva Colonia Floridablanca were established, although it maintained its claim of

20448-538: Was never determined, leading to uncertainty of approvals and attempts to repeatedly devalue by less than 10% instead. Any country that changed without approval or after being denied approval was denied access to the IMF. Maintaining the fixed exchange system required countries to maintain sufficient foreign exchange reserves to intervene in markets and prevent fluctuations away from the pegged rate. This also meant that international movement of capital could not be too large (because that might lead to large fluctuations in

20592-561: Was overruled by the Americans, Keynes was later proved correct by events. Today these key 1930s events look different to scholars of the era (see the work of Barry Eichengreen Golden Fetters: The Gold Standard and the Great Depression, 1919–1939 and How to Prevent a Currency War ); in particular, devaluations today are viewed with more nuance. Ben Bernanke 's opinion on the subject follows: ... [T]he proximate cause of

20736-542: Was that simply having responsible, hard-working central bankers was not enough. Britain in the 1930s had an exclusionary trade bloc with nations of the British Empire known as the Sterling Area . If Britain imported more than it exported to such nations, recipients of pounds sterling within these nations tended to put them into London banks. This meant that though Britain was running a trade deficit, it had

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