NEWS & VIEWS

United Nations, Modern Economy Has Roots in Atlantic City

By Tom WIlk
Add Comment Add Comment | Comments: 0 | Posted Jan. 4, 2012

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The procession of guests 
arriving at the Claridge Hotel in Atlantic City in mid-June 1944 resembled an early gathering of the United Nations, a year before the organization was officially founded.


Despite the sunny weather and approach of summer, representatives from Great Britain, France, Canada, China, Russia, Mexico and the United States and delegates from around the world representing the allied nations fighting Germany and Japan were all business as they arrived at the 24-story hotel.

They had come together for a series of preliminary meetings in preparation for the United Nations Monetary and Financial Conference scheduled to get underway in Bretton Woods, N.H., at the beginning of July. Some in attendance represented the leaders of the allied nations – Franklin Roosevelt, Winston Churchill and Joseph Stalin. More than 500 people from 42 nations would participate in some sessions of the Atlantic City conference.


British economist John Maynard Keynes was among those credited for Atlantic City’s
selection as the preliminary conference site. The 61-year-old Keynes felt the South Jersey location would offer cooler temperatures and a more relaxing atmosphere than Washington, known for the heat and humidity of its summers before the days when air conditioning became commonplace. 


Since the Japanese attack on Pearl Harbor in December 1941, Atlantic City had been transformed into a military training site. Many of the major hotels were used to house troops, who took part in drills and other exercises at Convention Hall (now Boardwalk Hall). The Claridge’s 400 rooms offered plenty of space for the conference participants and the nearby beach and Boardwalk provided opportunities for participants to meet informally or to relax in between meetings. 


With allied forces marking their way across France in the aftermath of the D-Day invasion, participants in the Atlantic City meetings began making economic plans for the postwar world. Harry D. White, assistant to the U.S. Secretary of the Treasury, served as the director of the sessions. 


Keynes, one of the leading economic minds of the day, believed that if the war-torn nations of Europe and Asia were to be rebuilt, economic changes would have to be made. This would require free flows of capital and investment among nations.

The Atlantic City meetings were held with a minimum of fanfare and publicity, perhaps to downplay any disagreements that might arise. Before the first session was held, Charles S. Bell, administrative assistant to the Secretary of the Treasury, announced the State Department in Washington would release all public statements in connection with the conference. Despite its importance, the Atlantic City gathering, which continued over a two-week period until June 30, received minimal coverage in the local press. The meetings laid the foundation and preliminary groundwork for the sessions of the Bretton Woods Conference. 


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