But as Rakesh's truly marvellous writings on Grossman and Brenner show or imply (thanks, Rakesh, we are all in your debt) the Bretton Woods system could only have served to promote the unrestrained development (or rather, development without the usual cyclical vents and interrupts) of the contradictions 'within the abode of production' which was the reality of the postwar long boom: ie the stoking of the furnace of class struggle. The idea that liberalisation is the enemy (taken to an extreme here by Chris Burford) and that precisely a return to the postwar halcyon era is indicated, now being heard even in the rockribbed WSJ, is really an important one to address: it is the question of questions. Can a return to the conventions of Bretton Woods renew accumulation? Or is the bust here to stay? Actually it is only necessary to take a slightly longer views, say the 'short C20' to answer this question. Keynesianism has never and can never work. Bretton Woods was all illusion: the reality is one of an ascedning spiral of historical crises of accumulation which began in the late C18 and is now reaching an apogee.
Mark -- http://www.geocities.com/~comparty