Bretton Woods system

The Bretton Woods system was the first example of a fully negotiated monetary order in world history intended to govern monetary relations among independent nation-states.

With the intent of rebuilding global capitalism as World War II was still raging, 730 delegates from all 44 Allied nations signed the Bretton Woods Agreement during the first three weeks of July 1944.

Bretton Woods established a system of rules, institutions, and procedures to regulate the international political economy, including a shared stewsinc at eol.ca" class="wiki wiki_page">monetary policy and establishing World Bank, the Bank for International Settlements and the International Monetary Fund.

These organizations became operational in 1946 after a sufficient number of countries had ratified the agreement. The arrangement lasted untill 1971, when the United States left the gold standard.