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Bretton Woods Conference |
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Bretton Woods Conference [ˈbrɛtən] n (Economics) an international monetary conference held in 1944 at Bretton Woods in New Hampshire, which resulted in the establishment of the World Bank and the International Monetary Fund 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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