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The price of gold, as denominated in US dollars, was stable until the collapse of the Bretton Woods system in the mid-1970s. The Bretton Woods system of monetary management established the rules for commercial relations among the United States, Canada, Western European countries, and Australia and other countries, a total of 44 countries [1] after the 1944 Bretton Woods Agreement.
In 1944, representatives from 44 nations met in Bretton Woods, New Hampshire, to develop a new international monetary system that came to be known as the Bretton Woods system. Conference attendees had hoped that this new system would "ensure exchange rate stability, prevent competitive devaluations, and promote economic growth". [5]
The crash came after the collapse of the Bretton Woods system over the previous two years, with the associated 'Nixon Shock' and United States dollar devaluation under the Smithsonian Agreement. It was compounded by the outbreak of the 1973 oil crisis in October of that year. It was a major event of the 1970s recession.
Mount Washington Hotel. The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 allied nations at the Mount Washington Hotel, in Bretton Woods, New Hampshire, United States, to regulate what would be the international monetary and financial order after the conclusion of World War II.
The Jamaica Accords were a set of international agreements that ratified the end of the Bretton Woods monetary system. [1] They took the form of recommendations to change the "articles of agreement" that the International Monetary Fund (IMF) was founded upon. [2]
International leaders assembled at the Bretton Woods International Monetary Conference in 1944 to develop a system for trade and finance in the war's aftermath. It was decided a common currency ...
The eventual shift to a dollar glut forced the end of the gold standard in the United States and led to the collapse of the Bretton Woods system. The stability of the Bretton Woods system came to depend upon the ability of the US government to exchange dollars for gold at $35 an ounce. The American ability to fulfill this commitment began to ...
Nixon's moves on currency eventually ushered in a new era of floating exchange rates and an end of the so-called Bretton Woods international monetary system that had been in place since World War II.