Can anybody explain me about Bretton woods in detail.....any wrong answer will be reported...
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From interwar economic experiences, two key lessons are rawn by the economists and politicians
(i)first lesson is an industrial society based on mass production needed .mass consumption. Mass consumption needed high and stable income. Stable income required steady and full employment, for this government should take necessary steps.
(ii) The second lesson related to a country's economic links with other countries. The target of full employment could be achieved only if government had the power to control flows of goods, capital and labour. It was supported by the United Nations Monetary and Financial Conference held in July 1944 at Bretton Woods in New Hampshire, USA
(i)first lesson is an industrial society based on mass production needed .mass consumption. Mass consumption needed high and stable income. Stable income required steady and full employment, for this government should take necessary steps.
(ii) The second lesson related to a country's economic links with other countries. The target of full employment could be achieved only if government had the power to control flows of goods, capital and labour. It was supported by the United Nations Monetary and Financial Conference held in July 1944 at Bretton Woods in New Hampshire, USA
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The Bretton Woods Conference was held in July of 1944 at Bretton Woods in New Hampshire, USA, Under this system, the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD) afterwards called the World Bank wore established to preserve global economic stability and full employment in industrialized world.
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