The History of the Bretton Woods System
In July 1944, delegates from 44 countries met in a hotel at Bretton Woods and created the IMF and the World Bank Group.
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1.When and where did delegates from 44 countries meet to agree the system?
In July 1944, delegates from 44 countries met in a hotel at Bretton Woods and created the IMF and the World Bank Group.
2.What was tied to gold under Bretton Woods?
Only the dollar was tied to gold. The rest were tied to the dollar.
3.What happened on October 20, 1960, the first crack in the system?
On October 20, 1960, a rush on the London gold market pushed the price to 40 dollars while the official price was still 35.
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Sources (4)
- Federal Reserve History: Creation of the Bretton Woods System, 1944
- Federal Reserve History: Nixon Ends Convertibility of U.S. Dollars to Gold and Announces Wage/Price Controls, August 1971
- U.S. Department of State, Office of the Historian: Nixon and the End of the Bretton Woods System, 1971-1973 (Milestones)
- Eigene Berechnung (synthetisches Rechenbeispiel
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