what is meant by the Bretton woods Agreement ? Explain IJK .
Answers
Answer:
Answer :
● Economists and politicians drew some lesson from the depression of 1929 and inter war period ..that is economic stability could be endured only through the Government intervention.
● So to preserve economic stability and full employment a conference was held in 1944 at Bretton Woods in new Hemisphere, USA.
● The conference led to certain of International Monetary Fund (IMF) and International Bank of Reconstruction and Development (IBRD) .
● IMF was created to monitor exchange rates and lend currencies to nations with trade deficits .
● IBRD was created to provide needed capital for development.
● Under the new economic system most if the currencies of the world were linked to US dollar .
● The system continued for sone years but collapsed in 1971.
...hope it helps you
Explanation:
The Bretton Woods Agreement was negotiated in July 1944 by delegates from 44 countries at the United Nations Monetary and Financial Conference held in Bretton Woods, New Hampshire. ... Under the Bretton Woods System, gold was the basis for the U.S. dollar and other currencies were pegged to the U.S. dollar's value.