The Bretton Woods Conference, formally known as the [[United Nations]] Monetary and Financial Conference, took place from July 1 to July 22, 1944, in Bretton Woods, New Hampshire, USA. The conference brought together 730 delegates from 44 Allied nations to discuss the creation of a new international monetary system that would promote global economic stability and prosperity in the aftermath of [[The Great Depression]] and the [[World War II Timeline]]. ## Significant outcomes of the Bretton Woods Conference 1. **Creation of the IMF and [[World Bank]]**: The conference led to the establishment of two key international financial institutions—the International Monetary Fund ([[International Monetary Fund (IMF)]]) and the International Bank for Reconstruction and Development (IBRD), which later became part of the World Bank Group. The IMF was designed to oversee the international monetary system and provide financial assistance to countries facing balance of payments difficulties, while the IBRD was tasked with providing financial resources for post-war reconstruction and development. 2. **Fixed exchange rate system**: The Bretton Woods Agreement established a fixed exchange rate system, wherein the participating countries agreed to peg their currencies to the U.S. dollar or gold. The U.S. dollar was pegged to gold at a rate of $35 per ounce -- aka the [[gold standard]] -- and other currencies were pegged to the dollar within a narrow band of +/-1%. This system aimed to provide exchange rate stability, facilitate international trade, and prevent competitive currency devaluations that had contributed to the economic turmoil of the 1930s. 3. **Capital controls and international capital flows**: The Bretton Woods system also endorsed the use of capital controls to manage international capital flows, as a means to preserve economic stability and prevent speculative attacks on currencies. Countries were allowed to impose restrictions on capital movements to maintain the fixed exchange rate system. The Bretton Woods system remained in place until 1971 when the U.S. suspended the convertibility of the dollar into gold, effectively ending the fixed exchange rate regime. In the aftermath, most countries transitioned to a system of floating exchange rates, and the [[International Monetary Fund (IMF)]] and World Bank adapted their roles to meet the evolving needs of the global economy. See also: [[Nazis]], [[Adolf Hitler]], [Cold War](https://doctorparadox.net/dictionaries/cold-war-dictionary/)