Bretton Woods
- John Maynard Keynes in 1944 at the UN International Monetary Conference in Bretton Woods, New Hampshire. The summit's agreement shaped with postwar economic effort. Photograph: Hulton Archive (Photo: www.static.guim.co.uk)
Monetary system decided in Bretton Woods in July 1944 linking the currencies of the participating states to the US dollar, which was valued at 35 dollars an ounce of gold. Exchange Rates could be altered in this system by unilateral decision. The monetary system collapsed in 1971 and the link with gold was broken.
Notes
The Bretton Woods agreements also established the World Bank and the International Monetary Fund, IMF.
Links
For criticism of the WB and IMF:
http://www.brettonwoodsproject.org
For the World Bank:
http://www.worldbank.org
For the International Monetary Fund:
http://www.imf.org
