front cover of A Search for Solvency
A Search for Solvency
Bretton Woods and the International Monetary System, 1941-1971
By Alfred E. Eckes, Jr.
University of Texas Press, 1975

Diverted by the dramatic military and political events of July 1944, few Americans realized the significance of an international conference taking place at Bretton Woods, a mountain resort in New Hampshire, far from the battle zones. There United Nations experts were completing plans for a world monetary and financial system that they hoped would create a prosperous, efficient global economy and avert economic tensions that might lead to another world war. Until the dollar crisis of 1971, decisions made at Bretton Woods provided the institutions and rules for international finance. The conference ushered in an era of unprecedented expansion of world trade and prosperity.

Based on extensive research in previously unavailable sources, A Search for Solvency relates intriguing and often complicated issues of economic analysis and diplomatic history. It offers a succinct and comprehensive survey of international monetary development from the collapse of the pre–World War I gold standard to the devaluation of the dollar in 1971. In effect, it explains the origins of late twentieth-century global inflation and currency problems.

The author details how the ghost of the Great Depression, the failure of monetary reconstruction efforts after World War I, and the memory of the nineteenth-century gold standard guided efforts to construct the Bretton Woods system. This preoccupation with the past, as well as political constraints, produced a monetary system protected against past dangers—fluctuating currencies, controls, and deflation—but dangerously vulnerable to inflationary pressures. The weaknesses of Bretton Woods, a system geared to an era in which economic power was concentrated in the United States, became visible in the 1960s and painfully apparent by the mid-1970s.

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front cover of The United States and the Global Struggle for Minerals
The United States and the Global Struggle for Minerals
By Alfred E. Eckes, Jr.
University of Texas Press, 1979

In 1973–1974 soaring commodity prices and an oil embargo alerted Americans to the twin dangers of resource exhaustion and dependence on unreliable foreign materials suppliers. This period seemed to mark a watershed in history as the United States shifted from the era of relative resource abundance to relative materials scarcity.

Alfred E. Eckes’s comprehensive study shows that resource depletion and supply dislocations are not concerns unique to the 1970s. Since 1914, the quest for secure and stable supplies of industrial materials has been an important underlying theme of international relations and American diplomacy.

Although the United States has been blessed with a diversified materials base, it has pursued a minerals strategy designed to exploit low-cost, high-quality ores abroad. Eckes demonstrates how this policy has led to official protection for overseas private investments, involving a role for the Central Intelligence Agency.

Some modern historians have neglected the importance of resources in shaping diplomacy and history. This book, based on a vast variety of unutilized archival collections and recently declassified government documents, helps to correct that imbalance. In the process it illuminates an important and still timely aspect of America’s global interests.

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