Bretton Woods’s system

Introduction to Bretton Woods’s system

The Bretton Woods system is generally referred as global monetary regime which predominates from the end of Second World War up to beginning of 1970s. Historically, it was the first example of fully discussed fiscal orders pondered to administer interaction among sovereign nations (Salvatore, 1995). This was the scenario that triggered its name due to 1944 site conference which formulated World Bank and International Monetary Fund (IMF). In principle, this government was established to combine multilateral decision- making with binding legal responsibilities exercised through international organizations. However, the IMF was embarked with inadequate supranational power (Reinhart, & Rogoff, 2008). In general, the process of signing this program was conducted by delegates that were selected from Allied countries thus strengthening its strategies.

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