Maybe we'd have Newfoundland around, at least:
Was there any will economically, diplomatically, ideologically, after the Great War to create something like the Bretton Woods system, GATT, the IMF, etc.? Maybe a less painful and acrimonious end to that conflict?
If the IMF had existed in 1933, it would have granted emergency debt relief to Newfoundland. The country would have never given up democracy or independence. Indeed, democracy is now a pre-condition for IMF aid.
But as no institution such as the IMF existed in 1933, Newfoundland was compelled to choose between democracy and default.
The story of Newfoundland during the 1930s continues to be a unique tale of how the British Empire coped with a debt crisis in a small country.
But it is also a reminder of why in the aftermath of World War II the nations of the world created the International Monetary Fund. They did not want nations to ever again confront a choice between debt and democracy.
Newfoundland and the Global Debt Crisis - The Globalist
What was the experience of Newfoundland in 1933 when it suffered a debt crisis?
www.theglobalist.com
Was there any will economically, diplomatically, ideologically, after the Great War to create something like the Bretton Woods system, GATT, the IMF, etc.? Maybe a less painful and acrimonious end to that conflict?