Bretton Woods for the 21st Century
June 4, 2021
By Matt Hughes
How this year’s G7 summit could create a new economic order.
The Roosevelt Rundown features our top stories of the week.
A New Global Consensus
Reeling from a devastating crisis, questioning the economic assumptions of a generation, the international community gathers to address the challenges of the day and ends up forging a new global economic framework.
1944: The Bretton Woods Conference, at which policymakers defined the post–World War II order of fixed exchange rates and international economic relations.
2021: The June 11–13 G7 summit in Cornwall, where the Group of Seven countries could create a new economic order for a post-COVID world.
“The Cornwall summit comes at a time that’s likely to define a generation of policymaking,” she writes. “Without international consensus on a new worldview and rules framework, we won’t be able to tackle the existential, intertwining crises facing our planet.”
And for more from Wong, read her new essay in Ms. Magazine: Asian American Power Is Necessary to Make AAPI Women Fully Visible.
The Latest Jobs Numbers, in Perspective
Ahead of today’s jobs report, Roosevelt’s Mike Konczal and J.W. Mason had a gentle reminder for reporters and analysts: “The trend is our friend.”
As they argue on the blog, zooming out from the monthly jobs numbers shows a heartening trajectory—but one that policymakers could imperil with rash action. “The big picture over the past year is a rapid recovery of employment as pandemic-related restrictions have been lifted,” they write.
“The biggest danger right now is not a month or two of surprisingly low (or high, for that matter) employment growth, but a panicked overreaction that pulls away support for the recovery—by, for instance, cutting unemployment benefits—before it is fully underway.”
Read on for their three tips for interpreting the jobs numbers.
A Climate-Forward Future
World Environment Day is tomorrow; get ready with Roosevelt’s latest climate analysis:
A Green Steel Deal: Toward Pro-Jobs, Pro-Climate Transatlantic Cooperation on Carbon Border Measures – by Todd N. Tucker and Timothy Meyer
Corporate Power Is Stalling Climate Progress. Public Power Can Help. – by Alice Janigro and Joseph Miller