Question

Explain how Bretton wood's institution inaugurated an era of unprecedented growth for western industrial nations and japan

Answer 1

The Bretton Woods Conference established the
International Monetary Fund (IMF) to deal with external surplus and deficits of its member nations.
The International Bank for Reconstruction and Development (known as World Bank) was set-up to finance post-war reconstruction.
The IMF and World Bank are referred as the Bretton Woods Institutions or the twins of the Bretton Woods. The post-war international economic system is also described as the Bretton Woods System.
Both these institutions commenced financial operations in 1947, which they are continuing hitherto. Decision-making in these institutions is controlled by the Western industrial powers. The US has an effective right of veto over key IMF and World Bank decisions.

Answer 2

Answer:

Fixed exchange rates served as the foundation of the Bretton Woods system. The national currencies in this system were fixed at a fixed rate to the dollar.

Explanation:

For the Western industrial nations and Japan, the Bretton Woods system marked the beginning of an era of extraordinary development in commerce and prosperity. Between 1950 and 1970, yearly growth in world trade was over 8% and annual growth in income was close to 5%. Additionally, the increase was largely consistent and lacked significant swings.

The International Monetary Fund (IMF) was created by the Bretton Woods Conference to address the external surpluses and deficits of its member countries.

• To provide funding for post-war reconstruction, the World Bank, also known as the International Bank for Reconstruction and Development, was established.
• The Bretton Woods Institutions, sometimes known as the twins of Bretton Woods, are the IMF and the World Bank. The Bretton Woods System is another name for the post-World War II international economic structure.
• Both of these institutions started their financial operations in 1947 and have kept them up to this point. The Western industrial powers regulate decision-making in these institutions. The US effectively has the power to reject important IMF and World Bank decisions.

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