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Bretton Woods Conference |
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Bretton Woods Conference, name commonly given to the United Nations Monetary and Financial Conference, held (July 1–22, 1944) at Bretton Woods, N.H. The conference resulted in the creation of the International Monetary Fund International Monetary Fund (IMF), specialized agency of the United Nations, established in 1945. It was planned at the Bretton Woods Conference (1944), and its headquarters are in Washington, D.C. ..... Click the link for more information. , to promote international monetary cooperation, and of the International Bank for Reconstruction and Development International Bank for Reconstruction and Development (IBRD), specialized agency of the United Nations, with headquarters at Washington, D.C.; also called the World Bank. ..... Click the link for more information. . By Dec., 1945, the required number of governments had ratified the treaties creating the two organizations, and by the summer of 1946 they had begun operation. Bretton Woods Conferenceofficially United Nations Monetary and Financial Conference(July 1–22, 1944) Meeting held at Bretton Woods, N.H., to make financial arrangements for the postwar era after the expected defeat of Germany and Japan. Representatives of 44 countries, including the Soviet Union, agreed to create the International Bank for Reconstruction and Development (World Bank) and the International Monetary Fund. See also John Maynard Keynes. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| and Soviet Russia, met at the Bretton Woods conference to hammer out a design for a postwar international system of monetary controls. The laudable intentions of the founders at the 1944 Bretton Woods conference were directed toward avoiding the tremendous shortcomings in the international system in the post-World War I period when the lack of effective multilateral mechanisms allowed governments to practice beggar-thy-neighbor policies, resulting in declining world trade hurting employment and living standards in many countries. Certainly it is past time for a new Bretton Woods conference to map the guidelines for international monetary cooperation, as was so brilliantly done in 1944. |
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