Bretton Woods Conference: Difference between revisions
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United Nations monetary conference that took place in July, 1944 and which established the International Monetary Fund and the World Bank. | United Nations monetary conference that took place in July, 1944 and which established the International Monetary Fund and the World Bank. | ||
Rather than a gold standard, Bretton Woods implemented a gold-exchange standard at $35 per ounce and positioned the dollar as the world reserve currency. Dollars could be converted back into gold only by foreign governments, however, not by American citizens. | |||
Revision as of 19:54, 14 September 2011
United Nations monetary conference that took place in July, 1944 and which established the International Monetary Fund and the World Bank.
Rather than a gold standard, Bretton Woods implemented a gold-exchange standard at $35 per ounce and positioned the dollar as the world reserve currency. Dollars could be converted back into gold only by foreign governments, however, not by American citizens.