Just Finished Reading: The Summit – The Biggest Battle of the Second World War – fought behind closed doors by Ed Conway (FP: 2014) [408pp]

As the Second World War entered its final year a conference took place at the Mount Washington Hotel in New Hampshire. Known forever for the name section of the nearby town of Carroll – Bretton Woods – this conference was set to determine the economic foundations of the post-war world. Attended by delegates, economic, finance and trade experts including luminaries such as John Maynard Keynes, the plan was to prevent future wars, regulate trade and ensure global prosperity after the Axis Powers had been defeated. With news of the recent D-Day landings mixing with haggling over currency regulations and the Gold Standard (along with copious amounts of alcohol much to the delight of the Russian delegation) for 3 weeks hundreds of functionaries hammered out agreements, policy positions and charters the world (mostly) lived with until the 1970’s. Along with the creation of the World Bank and the International Monetary Fund the final document produced just as the conference came to a close – thanks to the Russian reluctance to get fully involved at the last minute – arguably led directly to the economic ‘long boom’ from the 1940’s until the economic upheavals 30 years later. To understand the foundations of the modern post-war world you cannot ignore Bretton Woods.

Thinking about it dispassionately it’s difficult to imagine an interesting book about an economics conference – even if you have an interest in economics. However, the author manages to do so – and more. Not only is there the chaos of the hotel itself which was far too small and in a state of disrepair even when the conference started but the attendee’s themselves, with their various axes to grind, provided a great deal of heat with only very occasional light. The arguments over the very existence of both the World Bank and the IMF to say nothing of how they would operate, who would run them and the very contentious issue of where they would be based soured relations between the US and UK for years afterwards (as well as giving political ammunition to the Soviets in the upcoming Cold War propaganda sphere). Post-war debt repayment from Britain, European recovery (later known as The Marshall Plan), Soviet access to loans at preferential rates of interest and much more were discussed, argued about, almost fought over and finally, for the most part, agreed – although not to everyone’s satisfaction. Then, of course, there was the eventual fallout, with Soviet retreat into the Cold War, the growth of the European and especially the American economy, the burgeoning of world trade and the stirrings of what we now recognise as Globalisation. It all really started as Bretton Woods.

Even if you’re not an Economics nerd (I’m not though I am enjoying my forays into this sometimes bewildering subject) this is a very interesting insight to how the framework of the modern world was created over a space of 3 weeks in a cramped hotel in New Hampshire. If you have ever wondered why such things as the IMF exist or what it was created to do then this book puts you in on the ground floor. Surprisingly entertaining (and not just for nerds – honest!) this is a fascinating look at an often overlooked aspect of WW2 when rather than carving out territorial spoils following victory the Allies, Neutrals and Occupied powers carved out a new world order that many of us were born into and many more are living with its echoes. Definitely recommended if you want to understand the world of today a little bit more.