What is meant by the bretton woods agreement

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The BrettonWoods Agreement was finalised in July 1944 at Bretton Woods in New Hampshire,USA. It established the International Monetary Fund and the World Bank topreserve global economic stability and full employment in the industrial world.These institutions also dealt with external surpluses and deficits of membernations, and financed post-war reconstructions.

The Bretton Woods Agreement was a financial agreement negotiated in 1944 near the end of World War II. The Allied Nations met in Bretton Woods, New Hampshire, to discuss the international economy. During the negotiations, they agreed to set the value of the U.S. dollar relative to the value of gold and to peg other countries’ currencies to the U.S. dollar. The agreement also established the International Monetary Fund (IMF). The Bretton Woods System remained in place until the United States ended the gold standard in 1971. Under the Bretton Woods System, every currency involved in the agreement had a known value in U.S. dollars or gold. Any person could convert their foreign currency to dollars, and anyone holding dollars could turn their dollars into gold. According to the agreement, the value of the dollar was set at 1/35th of an ounce of gold. Holders of British pounds could convert them to dollars at a rate of $4.03 to the pound. This made it easy for any person to know what their money was worth compared to other currencies in the agreement. The Bretton Woods Agreement and System is like making up rules for swapping food with your friends at lunch… When you eat lunch with your friends, you might want to trade something you brought for something that they brought. Different foods can have different values. You and your friends may agree that you can swap two apples for a bag of chips or one sandwich for a can of soda. The Bretton Woods Agreement and System was similar,...

The Bretton Woods Agreement was finalised in July 1944 at Bretton Woods in New Hampshire, USA. It established the International Monetary Fund and the World Bank to preserve global economic stability and full employment in the industrial world. These institutions also dealt with external surpluses and deficits of member nations, and financed post-war reconstructions.