Definitions for "Bretton Woods"
Keywords:  hampshire, nixon, gatt, imf, conference
The location of the historic conference held in 1944, to establish the first foreign exchange system which was tied to US Dollars that were in turn backed by gold.
The international monetary system created in 1944 to stabilize international exchange rates and control international finances following the Great Depression and World War II. The Bretton Woods system collapsed in 1971 when the US abandoned the gold standard.
A town in New Hampshire at which a 1944 conference launched the IMF and the World Bank. These, along with the GATT/ WTO became known as the Bretton Woods Institutions, and together they comprise the Bretton Woods System.