Paper Summary:

The paper relates that monetary transactions are over five thousand years old, but it was not until 1944 that the world's major trading nations agreed upon a common framework for monetary policy. The paper explains that this policy, known as the Bretton Woods system, had two distinctive components: it re-adopted the gold standard for currency; and it created an international monetary regime based around the gold-pegged U.S. dollar. This paper explains the importance of both of these policies, assesses the overall impact of Bretton Woods from its inception until its dissolution in 1971, and concludes by discussing reasons for the collapse of Bretton Woods.

From the Paper:

"Monetary transactions are over five thousand years old, but it was not until 1944 that the world's major trading nations agreed upon a common framework for monetary policy. This policy, known as the Bretton Woods system, had two distinctive components: it re-adopted the gold standard for currency; and it created an international monetary regime based around the gold-pegged U.S. dollar. This essay will explain the importance of both of these policies, assess the overall impact of Bretton Woods from its inception until its dissolution in 1971, and conclude by discussing..."

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