what is meant by the Bretton wood system? Explain
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Bretton Woods refers to the international monetary arrangement, agreed upon by the allied nations in 1944 in Bretton Woods, US, that created the IMF and World Bank and that set up a system of fixed exchange rates with the US dollar as the international reserve currency.
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Bretton Woods refers to the international monetary arrangement, agreed upon by the allied nations in 1944 in Bretton Woods, US, that created the IMF and World Bank and that set up a system of fixed exchange rates with the US dollar as the international reserve currency.
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• The Bretton wood conference was convened in July, 1944 at Bretton Woods in New hampshire, USA.
• Its main aim was to preserve economic stability and full employment in the industrial world.
• The conference established International Monetary Fund (IMF) and the international Bank for Reconstruction and development (World Bank).
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