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Neoliberalism was not born as an attempt to restore unbridled capitalism, but as an idea to introduce a wide network of regulatory and redistributive programs that would politically salvage of some of the essential elements of a competitive market order. ....
The Bretton Woods plan for monetary reconstruction did not go as far as Keynes would have liked. He proposed a full-scale world central bank and a single paper currency for all nations, which he wanted to be called the bancor, so there could be no escaping inflation. That plan is still awaiting implementation. As it was, the Bretton Woods conferees, under pressure from the United States which wanted the dollar to be the bancor took a compromise position. They would create not a gold standard though it was called that for reasons of credibility but Instead a global gold dollar standard. Or, more precisely, a phony gold standard. ....