Research topic:Bretton Woods Conference

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Bretton Woods Conference

A Dictionary of Contemporary World History | 2004 | | © A Dictionary of Contemporary World History 2004, originally published by Oxford University Press 2004. (Hide copyright information) Copyright

Bretton Woods Conference (July 1944) An international financial conference of representatives of forty-four countries which met in the town of Bretton Woods, New Hampshire. In an attempt to establish a more successful international financial system than the Gold Standard, which had been the determinant of currency values until the 1930s, the conference devised a system of exchange rates which were pegged to the US dollar. It also established an International Bank for Reconstruction and Development (the World Bank) and the International Monetary Fund (IMF) to finance short-term imbalances in international trade. After an initial collapse in 1947, the Bretton Woods system of fixed exchange rates survived in modified form until August 1971, when the USA left the agreement. In face of increasing capital mobility and consequent inability of national governments to control the exchange rate, the system of fixed exchange rates was finally abandoned in 1976.

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JAN PALMOWSKI. "Bretton Woods Conference." A Dictionary of Contemporary World History. 2004. Encyclopedia.com. 16 Nov. 2009 <http://www.encyclopedia.com>.

JAN PALMOWSKI. "Bretton Woods Conference." A Dictionary of Contemporary World History. 2004. Encyclopedia.com. (November 16, 2009). http://www.encyclopedia.com/doc/1O46-BrettonWoodsConference.html

JAN PALMOWSKI. "Bretton Woods Conference." A Dictionary of Contemporary World History. 2004. Retrieved November 16, 2009 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O46-BrettonWoodsConference.html

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