Bretton Woods Conference: Difference between revisions
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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. | 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. | ||
According to Murray Rothbard, under this new system the US would peg dollars to gold, while other governments would peg their own currencies to US dollars. | |||
Revision as of 19:58, 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.
According to Murray Rothbard, under this new system the US would peg dollars to gold, while other governments would peg their own currencies to US dollars.