Question

similarities of Bretton woods system and Washington consensus?

Answer 1

Answer:

In the Bretton Woods summit, delegates from 44 nations met in Bretton Woods, New Hampshire (United States), in July 1944. This chapter illustrates how the meeting designed a new international financial architecture that could help reconstruct a devastated Europe and foster world trade after the protectionism that emerged in the interwar period 1918 to 1939, and more precisely in the Great Depression that followed Black Monday of 1929. The Bretton Woods summit was the successful beginning of a phenomenal creation process that designed from scratch the International Bank for Reconstruction and Development, which would later become the World Bank, and the International Monetary Fund (IMF); resurrected the League of Nations to create the United Nations (San Francisco, 1946); and started the General Agreement on Tariffs and Trade (GATT 1947) that would later become the World Trade Organization. A variety of consensuses were reached at the Bretton Woods summit including the monetary consensus and the Copenhagen consensus.

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Answer 2

The aim of the Bretton woods System was to guarantee international financial stability. Whereas, the Washington Consensus includes broad financial principles.

Need for financial stability:

1. The systems were introduced and decided upon in a situation wherein the developing nations were in immediate need of financial development.
2. The systems introduced financial principles to combat problems related to inflation and unemployment.

Similarities between the systems:

1. Both the systems talk about financial stability in the international sphere.
2. Both the systems include practices and principles related to inflation and employment.

The Bretton woods system and the Washington Consensus were agreed upon by developed nations and principles of both the systems were drafted keeping in mind the interests of developing nations as well.