Yet, after the communist revolution in China and the Soviet Union's failure to ratify the Bretton Woods Agreement
, the IMF and the World Bank went in a different direction.
Congress passed Public Law #95-435, The Bretton Woods Agreement
Act, on October 10, 1978.
Debesh Bhowmik contextualizes the historical evolution of monetary systems by explaining silver standard, bimetallic standard, gold standard, Bretton Woods agreement
, Special Drawing Rights (SDR), etc.
In a draft memo that would be the precursor to the Bretton Woods agreement
for international monetary cooperation, White (1942: 46) argued that prosperity should be built on a solid monetary foundation of stable exchange rates:
e Bretton Woods agreement
after the war had been totally abandoned in favour of a free for all and much toxic practice.
The American dollar prevailed and was the only currency converted into gold after the war, throughathe Bretton Woods Agreement
,awhich gave the dollar privilege and led to an easy money policy where the US simply printedathe dollar, leading to the collapse of the agreement in 1971, andathe stock market and real estate bubble in Japan in the late 1980s.
In fact, the very launch of such an institution will be interpreted as a symbolic challenge to the existing global monetary system set up under the Bretton Woods Agreement
Despite having considerably less capital than the World Bank (which has $223 billion) in callable asset, the Brics bank will mark a symbolic challenge to the global system set up under the Bretton Woods Agreement
7) By the early 1940s, Chiang's government found an even better opportunity for promoting Sun's proposal when it was invited by the US government to participate in the planning for the postwar international financial order that generated the 1944 Bretton Woods agreement
After the collapse of the Bretton Woods agreement
in 1971, the IMF more or less lost its mission to maintain exchange rates; and became instead the rich world's viceroy, controlling the poorer nations at its behest.
White's goal was to get them to agree to his American plan that we now know as the Bretton Woods Agreement
The Bretton Woods Agreement
structured the operation of the international financial system between 1945 and 1971.