The Bretton Woods Agreement and System created a collective international currency exchange regime that lasted from the mid-1940s to the early 1970s.
The Bretton Woods System required a currency peg to the U.S. dollar which was in turn pegged to the price of gold.
The Bretton Woods System collapsed in the 1970s but created a lasting influence on international currency exchange and trade through its development of the IMF and World Bank.
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EXPERTS MEET IN AMERICA World Monetary ConferenceAustralian Associated PressNEW YORK, July 1.The United Nations monetary conference opened at Bretton Woods, New Hampshire, today. Proposals are to be examined for an international bank and post war monetary stabilisation, but all agreements readied must tie referred to the Governments concerned for adoption or rejection. The British delegation is headed by Lord Keynes and the American by the Secretary to the Treasury Mr. Morgenthau and Dr. Harry White. The Acting Director of the International Labor Office (Mr. [Edward J. Plielan) is attending as official observer. The Associated Press of America; says that President Roosevelt, in a message to the conference, said "Commerce is the lifeblood of free society; we must see that its arteries are not clogged again by artificial barriers created through senseless economic rivalries Economic diseases are highly communicable. It follows therefore that the economic health of every country is a proper matter of concern to all its neighbours. Only through a dynamic and soundly expanding world economy can the living standards of individual nations be advanced to levels permitting the full realisation of our hopes or the future."Mr. Morgenthau. accepting the presidency of the conference, said "Economic aggressions can have no other offspring than war. The nations must approach the task of establishing a sound stable economic relationship as partners, not bargainers." Mr. Morgenthau said that he hoped the conference would keep before it two elementary axioms - that prosperity has no fixed limits and the more other nations enjoy the more each nation will have for itself: and that prosperity, like peace, is indivisible.EXPERTS MEET IN AMERICA (1944, July 3). The Advertiser (Adelaide, SA : 1931 - 1954), p. 2. Retrieved July 21, 2021, from http://nla.gov.au/nla.news-article43210718