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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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Michael Busler, assistant professor of finance at the Richard Stockton College of New Jersey in Galloway, says the agreements that were reached helped to smooth the way for a transition to a peacetime economy and allow countries to get back on their feet in meaningful way.

“The formation of the International Monetary Fund helped developing nations to get capital for growth,” says Busler, a fellow at the William J. Hughes Center for Public Policy at the college.

“They also formed what would become known as the World Bank,” he adds. The isolationist attitude that prevailed between the two world wars was giving way to a relationship of interdependence among nations. 


“The representatives tried to encourage as much trade as possible,” Busler says. The conference also produced agreements to fix exchange rates between countries.

“Governments could raise or reduce their currency values no more than 10 percent,” Busler says. 


The conferences in Atlantic City and New Hampshire required a change in philosophy by nations. “The United States realized that we [couldn’t] be isolationist. We have to work together and trade together [with other countries],” Busler notes.

The countries of the world united to work together, economically and politically, with the creation of the United Nations. While the United States decided not to join the League of Nations after World War I, it was in the forefront of the move to form the U.N., with the organization’s headquarters in New York City.


The Atlantic City conference wrapped up on June 30 and many of the conference representatives boarded a train in the resort for an all-night ride through New England for the start of the Bretton Woods conference. The momentum generated by the 
Atlantic City sessions would lead to a successful gathering in New Hampshire.

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