Harry Dexter White in the context of "United States Department of the Treasury"

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⭐ Core Definition: Harry Dexter White

Harry Dexter White (October 29, 1892 – August 16, 1948) was an American government official in the United States Department of the Treasury. Working closely with the secretary of the treasury Henry Morgenthau Jr., he helped set American financial policy toward the Allies of World War II. He was later accused of espionage by passing information to the Soviet Union.

He was a senior American official at the 1944 Bretton Woods Conference that established the postwar economic order. He dominated the conference, and his vision of post-war financial institutions mostly prevailed over those of John Maynard Keynes, the British representative who was the other main founder. Through Bretton Woods, White was a major architect of the International Monetary Fund and World Bank.

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Harry Dexter White in the context of International Monetary Fund

The International Monetary Fund (IMF) is an international financial institution and a specialized agency of the United Nations, headquartered in Washington, D.C. It consists of 191 member countries, and its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." The IMF acts as a lender of last resort to its members experiencing actual or potential balance of payments crises.

Established in July 1944 at the Bretton Woods Conference based on the ideas of Harry Dexter White and John Maynard Keynes, the IMF came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system. For its first three decades, the IMF oversaw the Bretton Woods system of fixed exchange rate arrangements. Following the collapse of this system in 1971, the Fund's role shifted to managing balance-of-payments difficulties and international financial crises, becoming a key institution in the era of globalization.

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