Back to the future? The Social Protection Floor of Bretton Woods
/ Eric Helleiner
This article locates the genesis of the recent initiative to create minimal levels of social protection worldwide much earlier than conventional wisdom. Rather than seeing this initiative as a relatively new one, the author argues that it is resurrecting and building upon core ideas from the foundation of the postwar international economic order in the early 1940s. This argument rests on a major reinterpretation of the origins of the 1944 Bretton Woods agreements. Drawing on extensive archival work, the author shows that the Bretton Woods negotiations were informed by new commitments to provide ‘social security’ and ‘freedom from want’ worldwide in ways that echo the aspirations of contemporary proponents of the Social Protection Floor Initiative. These goals found widespread support not just among leading US and British policymakers at the time but also among many officials from other countries involved in the Bretton Woods negotiations, including those from poor countries. Although this aspect of the Bretton Woods vision was de-emphasized after the war, this neglected history helps to identify some deep intellectual and political roots of contemporary debates.