1In July, 944, representatives of major western countries established the system at the United Nations International Monetary and Financial Conference, and it was called the "Bretton Woods System" because it was held in Bretton Woods, New Hampshire, USA.

GATT, as a supplement to 1944 Bretton Woods Conference, together with the agreements adopted by the Bretton Woods Conference, is called "Bretton Woods System", that is, a multilateral economic system with foreign exchange liberalization, capital liberalization and trade liberalization as its main contents, which constitutes the core content of capitalist groups.

The establishment of the Bretton Woods system promoted the recovery and development of the post-war capitalist world economy. Due to the frequent outbreak of the US dollar crisis and the US economic crisis, as well as the inevitable contradiction of the system itself, the system was declared terminated by the Nixon administration on August 197 1.

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Put forward the background

During the 20 years between the two world wars, the international monetary system was divided into several competing monetary groups, and the currencies of various countries were devalued and fluctuated violently.

In the late World War II, the British and American governments conceived and designed the postwar international monetary system for their own interests, and put forward the "White Plan" and "Keynesian Plan" respectively. Both "White Plan" and "Keynesian Plan" aim at establishing international financial institutions, stabilizing exchange rates, expanding international trade and promoting world economic development, but their operating modes are different.

Since the United States became the leader of the capitalist world after the world economic crisis and World War II, the international status of the US dollar has been stabilized by its strength in the international gold reserve. 1in April, 944, the two sides reached the Joint Statement of Experts on the Establishment of the International Monetary Fund, which embodied the White Plan.

The key figure in the establishment of the Bretton Woods system is Harry White, former assistant secretary of the US Treasury. With the post-war status of the United States, which has three-quarters of the world's gold reserves and strong military strength, his proposal to strengthen the status of the dollar defeated Keynes, the head of the British delegation and a great economist. The "White Plan" became the blueprint for the final resolution adopted at the Bretton Woods Conference.

Baidu Encyclopedia-Bretton Woods System