What was the Bretton Woods conference quizlet?



What was the Bretton Woods Conference? –The representatives came to Bretton Woods for the opening of the United Nations monetary and financial conference. -They come to create large organizations and to create a foundation after the post war world.

What was Bretton Woods quizlet?

What is the Bretton Woods System? A system for monetary and exchange rate management established in 1944 at a conference held in Bretton Woods, New Hampshire.

What was the purpose of the Bretton Woods Conference?

The Bretton Woods Conference, officially known as the United Nations Monetary and Financial Conference, was a gathering of delegates from 44 nations that met from July 1 to 22, 1944 in Bretton Woods, New Hampshire, to agree upon a series of new rules for the post-WWII international monetary system.

What are three major decisions from the Bretton Woods Conference quizlet?





The conference was held from July 1-22, 1944. Agreements were signed that, after legislative ratification by member governments, established the International Bank for Reconstruction and Development (IBRD) and the International Monetary Fund (IMF).

What was the result of the Bretton Woods conference quizlet?

What was the significance of the Bretton-Woods Conference in 1944? It established the International Monetary Fund. It established the World Bank. It fixed the rate of international exchange based on the U.S. dollar.

What is the best description of the Bretton Woods system?

The Bretton Woods System is a set of unified rules and policies that provided the framework necessary to create fixed international currency exchange rates. Essentially, the agreement called for the newly created IMF to determine the fixed rate of exchange for currencies around the world.

What happened at the Bretton Woods Conference?

At its conclusion, the conference attendees produced the Articles of Agreement for the International Bank for Reconstruction and Development (IBRD) and the International Monetary Fund (IMF). Bretton Woods Conference delegates including U.K delegate and Commission II leader Lord John Maynard Keynes (center).

What are three major decisions from the Bretton Woods Conference?





The conference was held from July 1 to 22, 1944. Agreements were signed that, after legislative ratification by member governments, established the International Bank for Reconstruction and Development (IBRD, later part of the World Bank group) and the International Monetary Fund (IMF).

What was one result of the Bretton Woods system?

The creation of Bretton Woods resulted in countries pegging their currencies to the U.S. dollar. In turn, the dollar was pegged to the price of gold, and the U.S. became dominant in the world economy.

What three major institutions were created at Bretton Woods quizlet?

The International Bank for Reconstruction and Development (World Bank), the World Trade Organization, and the International Monetary Fund are the three institutions of the Bretton Woods system.

What did the Bretton Woods conferees agree to do in 1944 quizlet?

The nations at the conference agreed to contribute to a fixed pool of national currencies and gold to be held by the IMF. Each member of the Bretton Woods system was then entitled to borrow what it needed, within the limits of its contributions. Set up to lend to the European countries devastated by World War II.

What is the World Bank quizlet?

WORLD BANK. The World Bank is an international financial institution that provides loans to developing countries for capital programs. It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA).



What is meant by the Bretton Woods Agreement Short answer?

The Bretton Woods Agreement was finalised in July 1944 at Bretton Woods in New Hampshire, USA. It established the International Monetary Fund and the World Bank to preserve global economic stability and full employment in the industrial world.

How did Bretton Woods system work?

Bretton Woods established a system of payments based on the dollar, which defined all currencies in relation to the dollar, itself convertible into gold, and above all, “as good as gold” for trade. U.S. currency was now effectively the world currency, the standard to which every other currency was pegged.

What ended the Bretton Woods system?

End of Bretton Woods system



In August 1971, U.S. President Richard Nixon announced the “temporary” suspension of the dollar’s convertibility into gold. While the dollar had struggled throughout most of the 1960s within the parity established at Bretton Woods, this crisis marked the breakdown of the system.

What did the Bretton Woods agreement do quizlet?

The purpose of the Bretton Woods meeting was to set up a new system of rules, regulations, and procedures for the major economies of the world to ensure their economic stability. To do this, Bretton Woods established The International Monetary Fund (IMF) and the World Bank.

What is the Bretton Woods economic order quizlet?

The main organizations that emerged from the Bretton Woods order were the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development, also known as the World Bank. Describe the main elements of international economic cooperation.



What were the objectives of the Bretton Woods system quizlet?

The main objectives of the Bretton Woods system are to achieve exchange rate stability and promote international trade and development.

Why did the Bretton Woods system end quizlet?

A monetary system in which the exchange rates of currencies are set at a permanent price of another currency or a precious metal. Why did the Bretton Woods System end? President Richard Nixon decided that the United States could no longer support the system.

Was the Bretton Woods system successful?

The Bretton Woods System required a currency peg to the U.S. dollar which was in turn pegged to the price of gold. The Bretton Woods System collapsed in the 1970s but created a lasting influence on international currency exchange and trade through its development of the IMF and World Bank.

What caused the collapse of Bretton Woods?

End of Bretton Woods system



In August 1971, U.S. President Richard Nixon announced the “temporary” suspension of the dollar’s convertibility into gold. While the dollar had struggled throughout most of the 1960s within the parity established at Bretton Woods, this crisis marked the breakdown of the system.