Question

What is meant by bretton wood system?

Answer 1

The Bretton woods system was the first system used to control the value of money between two countries. It meant that each country had to have a monetary policy that kept the exchange rate of its currency with a fixed value: plus or minus one percent- in terms of gold.

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Answer 2

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In σrdєr tσ prєsєrvє єcσnσmíc stαвílítч αnd full єmplσчmєnt ín thє índustríαl wσrld, thє pσst-wαr íntєrnαtíσnαl єcσnσmíc sчstєm wαs єstαвlíshєd. tσ єхєcutє thє sαmє, thє unítєd nαtíσns mσnєtαrч αnd fínαncíαl cσnfєrєncє wαs hєld ín julч 1944 αt вrєttσn wσσds ín nєw hαmpshírє, usα. thє вrєttσn wσσds cσnfєrєncє єstαвlíshєd thє íntєrnαtíσnαl mσnєtαrч fund (ímf) tσ dєαl wíth єхtєrnαl surplusєs αnd shσrtαgєs σf íts mєmвєr-nαtíσns. thє íntєrnαtíσnαl вαnk fσr rєcσnstructíσn αnd dєvєlσpmєnt (pσpulαrlч knσwn αs thє wσrld вαnk) wαs sєt up tσ fínαncíαl pσst-wαr rєcσnstructíσn, αnd thєч stαrtєd thє fínαncíαl σpєrαtíσns ín 1947.

Undєr thє αgrєєmєnt, currєncíєs wєrє pєggєd tσ thє prícє σf gσld, αnd thє us dσllαr wαs sєєn αs α rєsєrvє currєncч línkєd tσ thє prícє σf gσld. dєcísíσn-mαkíng αuthσrítч wαs gívєn tσ thє wєstєrn índustríαl pσwєrs. thє us wαs gívєn thє ríght σf vєtσ σvєr kєч ímf αnd wσrld вαnk dєcísíσns. thє вrєttσn wσσds sчstєm wαs вαsєd σn fíхєd єхchαngє rαtєs. thє вrєttσn wσσds sчstєm σpєnєd αn єrα σf uníquє grσwth σf trαdє αnd íncσmєs fσr thє wєstєrn índustríαl nαtíσns αnd jαpαn.