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Regardless of a succession of crises such because the Middle Jap oil shock of 1973, the Latin American debt disaster (1981-ninety four), the good global inventory market crash of 1987, the East Asian financial meltdown of 1997 and the hedge-fund disaster of 1998, the scheme of central financial institution interventions first proposed by the Bretton Woods bankers in 1944 has managed to recalibrate and rebalance the global financial system to keep underlying development on monitor.
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