The Bretton Woods Conference

The Bretton Woods Conference, held in 1944, was a meeting of 44 countries aimed at establishing a new international monetary system after World War II. The goal was to promote economic stability and prevent competitive devaluations that contributed to the Great Depression. The countries agreed to anchor their currencies to the US dollar, which was convertible to gold, creating a system of fixed exchange rates. This arrangement facilitated international trade and investment, leading to economic growth in the post-war era. The conference also established key institutions like the International Monetary Fund (IMF) and the World Bank to support global economic stability and development.