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The System of Bretton Woods
A lesson from history
Sabine Dammasch155905
 
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The System of Bretton Woods
A lesson from historyTable of contents
Abstract ..................................................................................................................3Keywords ...............................................................................................................3The System of Bretton Woods1. Introduction ......................................................................................................42. Development of the system2.1. International economic situation................................................................42.2. The conference of Bretton Woods ............................................................52.3. The dominant role of the USA ..................................................................63. The International Monetary Fund3.1. Purpose ......................................................................................................63.2. Operations .................................................................................................73.3. Organisation ..............................................................................................74. The World Bank 4.1. Goals .........................................................................................................84.2. Organisation ..........................................................................................…85. Adjustments and reactions to the changing environment5.1. Integration of the developing countries ................................................….95.2. Special Drawing Rights .............................................................................95.3. Crisis of the system ................................................................................…95.4. Recent activities ........................................................................................106. The future of the system of Bretton Woods .....................................................117. Conclusion.........................................................................................................12Bibliography ...........................................................................................................14
 
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 Abstract
This text introduces the system of Bretton Woods, which was established in 1944 at theconference of Bretton Woods, New Hampshire. Starting with the economic situation after World War I, this essay outlines the importance of creating a supranational organisation promoting international trade flows and monetary stability. After stressing the dominant roleof the USA in this system its main institutions, the International Monetary Fund and theWorld Bank, are presented. Furthermore, the most important adjustments to the changes in theeconomic environment from the point of the system’s establishment until now are explained.The system’s crises in the 1970s especially is examined and latest activities are described.This review of the Bretton Woods system concludes with some future prospects. Recentcriticism brought up by human rights activists are mentioned and the World Bank’s reactionsto these criticisms are identified. Finally, ideas about a new system of Bretton Woods areintroduced.
Keywords
Bretton WoodsInternational Monetary FundWorld Bank 
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