What was the Bretton Woods conference?

The

Bretton Woods conference was a meeting held in Bretton Woods, New Hampshire, in 1944. Originally it was known as the UN currency and financial conference and basically it is a meeting between the Allied nations to decide how the Third War would take place during the last World War. First July until 20 July. At the end of these three weeks, several agreements were signed forty -four different countries present. The Bretton Woods conference has established many instruments of modern international trade, including the International Monetary Fund (IMF), General Agreements on Tarifts and Trade (GATT), which would later become a world trade organization (WTO), and the International Bank for Reconstruction and Development (IBRD), the first of five institutions. Values ​​for gold and other relatively tight currency regulations. Following the great depression and war, it was fresh in the minds of many nations that the ability to be easily devalvIt has been an extremely dangerous situation in the international export economy. Conference agreements Bretton Woods Conferences Conferation Conferences Conferences Conferences have ensured that nations cannot easily degrade their currency. This system lasted until the beginning of the 70s.

In principle, Bretton Woods conference largely meant the end of economic nationalism. Great depression gave everyone very clear that the world's economies were complicated and that what influenced one nation could quickly affect the cascade of the world. As a result, nations represented at the Bretton Woods conference agreed on strict restrictions to try to avert any future global disaster. In addition to the western powers creating rules that would control the global economy in the future, they also agreed to take responsibility for the global economy by reducing trade barriers and allowing capital to be freelyUT from their countries.

In addition to the establishment of new institutions, the Bretton Woods conference also acted in some respects as a coming party for the United States and fully joined the stage as the world's economic superpower. The cloak of responsibility was also emphasized and US President Franklin Roosevelt emphasized this point many times. Roosevelt opened a conference and said "Economic health of each country is the right matter for all his neighbors, close and far."

Two other relatively important institutions were professional at the Bretton Woods conference, but in the end it was never agreed. One of them was the International Trade Organization (ITO), which would set rules for international trade mediation. Ito was not created at the Bretton Woods conference, but in 1995 the Uruguayan round Gatt finally reached an agreement on the WTO international trade body. The second organization was the International Clearing Union (ICU) that would be essentially as PCrissfully regulated international bank. ICU was designed by the well -known economist John Maynard Keynes, but eventually the United States was firmly against ICU, and was replaced by the IMF, which provided the United States and also allowed developed nations unlimited loans and would give an idea of ​​privileges to ensure that US states do not face economic collapse.