what are the outcomes of bretton woods conference
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The Bretton Woods Conference established the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), re-implemented the gold standard for world currency, and called for an end to exchange control and discriminatory tariffs.
John Maynard Keynes, British economist, and Harry D. White, American economist, saw the need for a meeting to handle the financial side of the world once World War II ended. As a result of their initiative, delegates from forty-four governments met in Bretton Woods, New Hampshire to discuss international monetary policy. The pressing issue was reconstructing the world from the war itself. In order to solve this problem, Keynes and White proposed the IBRD to make long term loans to nations that needed funds to reconstruct, while the IMF offered short-term financing and handled exchange rates.
In 1945, the IBRD was constituted, and it began working in 1947. The IMF was constituted in 1946 and began working in 1948.
By the 1950s, the gold standard and use of the US dollar as a reserve began to strain many of the economies in the agreement, and by the 1970s the agreement came to an end. The IBRD was renamed the World Bank and continued its mission, and the IMF faced some changes to its mission.
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The Bretton Woods Conference established the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), re-implemented the gold standard for world currency, and called for an end to exchange control and discriminatory tariffs.
John Maynard Keynes, British economist, and Harry D. White, American economist, saw the need for a meeting to handle the financial side of the world once World War II ended. As a result of their initiative, delegates from forty-four governments met in Bretton Woods, New Hampshire to discuss international monetary policy. The pressing issue was reconstructing the world from the war itself. In order to solve this problem, Keynes and White proposed the IBRD to make long term loans to nations that needed funds to reconstruct, while the IMF offered short-term financing and handled exchange rates.
In 1945, the IBRD was constituted, and it began working in 1947. The IMF was constituted in 1946 and began working in 1948.
By the 1950s, the gold standard and use of the US dollar as a reserve began to strain many of the economies in the agreement, and by the 1970s the agreement came to an end. The IBRD was renamed the World Bank and continued its mission, and the IMF faced some changes to its mission.
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PLZ MARK AS BRAINLIST
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