Economics Atlas

How Wealth Is Ordered
Events

Bretton Woods Conference

Also Known As United Nations Monetary and Financial Conference

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The Bretton Woods Conference was a gathering of representatives from forty four Allied nations held at Bretton Woods, New Hampshire, in July 1944, convened to design the international monetary system that would govern the postwar world economy. The conference established the International Monetary Fund and the institution that became the World Bank, and set up a system of fixed but adjustable exchange rates anchored to the United States dollar, which was itself convertible into gold. John Maynard Keynes led the British delegation and proposed an international clearing union intended to spread the burden of balance of payments adjustment more evenly between surplus and deficit countries, but the conference ultimately adopted a plan closer to the one put forward by the American delegation under Harry Dexter White, giving the United States dollar a central role the Keynes plan would have avoided.

Facts
Event Year
1944 1
Event Date
1944-07-01 2
Location
Bretton Woods, New Hampshire, United States 1
Cross-Tradition Connections

Associated With

Nixon Shock, Events

The Nixon Shock unilaterally suspended the dollar's convertibility into gold, ending the fixed exchange rate system the Bretton Woods Conference had established in 1944 and pushing the major industrialized economies toward floating exchange rates by 1973.

Source Wikipedia
Purchasing Power Parity, Concepts

PPP calculations were used as one benchmark, among others, for setting post-war exchange-rate parities under the Bretton Woods system.

Associated With School

John Maynard Keynes led the British delegation at Bretton Woods and proposed an international clearing union, a plan that shaped the negotiations even though the final agreement followed the rival American plan, put forward by Harry Dexter White, more closely.

Founding Event

Source Wikipedia
Sources
1. Encyclopaedia Britannica
Encyclopaedia Britannica, Inc.
2. Wikipedia
Wikimedia FoundationBretton Woods Conference
Quote, Bretton Woods Conference
The conference was held from July 1 to 22, 1944
View the Source
2. Wikipedia
Wikimedia FoundationAssociated With: Nixon ShockView the Source
2. Wikipedia
Wikimedia FoundationAssociated With: Nixon Shock, Nixon shock
Quote, Associated With: Nixon Shock, Nixon shock
On Sunday, August 15, when American financial markets were closed, Nixon explained the policy agenda in a national address
View the Source
The New Palgrave Dictionary of Economics
Palgrave MacmillanAssociated With: Purchasing Power Parity
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