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Encyclopedia > United Nations Monetary and Financial Conference
Mount Washington Hotel
Mount Washington Hotel

The United Nations Monetary and Financial Conference, commonly known as Bretton Woods conference, was a gathering of 730 delegates from all 45 Allied nations at the Mount Washington Hotel, situated in Bretton Woods, New Hampshire to regulate the international monetary and financial order after the conclusion of World War II. Image File history File links Download high-resolution version (2862x1492, 937 KB) Mount Washington Hotel, Carroll, New Hampshire. ... Image File history File links Download high-resolution version (2862x1492, 937 KB) Mount Washington Hotel, Carroll, New Hampshire. ... A delegate is an individual (or a member of a group called a delegation) who represents the interests of a larger organization (e. ... The Allies of World War II were the countries officially opposed to the Axis Powers during the Second World War. ... The Mount Washington hotel is situated near Mount Washington, in the town of Carroll. ... Bretton Woods is an area within the town of Carroll, New Hampshire whose principal points of interest are three leisure and recreation facilities. ... Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000...

Contents

Overview

The conference was held from 1 July to 22 July 1944, when the agreements were signed to set up the International Bank for Reconstruction and Development, the General Agreement on Tariffs and Trade (GATT), and the International Monetary Fund (IMF). July 1 is the 182nd day of the year (183rd in leap years) in the Gregorian Calendar, with 183 days remaining. ... July 22 is the 203rd day (204th in leap years) of the year in the Gregorian Calendar, with 162 days remaining. ... 1944 (MCMXLIV) was a leap year starting on Saturday. ... Logo of the World Bank The International Bank for Reconstruction and Development is one of the five institutions consisting the World Bank Group. ... General Agreement on Tariffs and Trade (usually abbreviated GATT) functions as the foundation of the WTO trading system, and remains in force, although the 1995 Agreement contains an updated version of it to replace the original 1947 one. ... [[Image:Example. ...


As a result of the conference, the Bretton Woods system of exchange rate management was set up, which remained in place until the early 1970s. Wikipedia does not have an article with this exact name. ... Template:A year The 1970s decade refers to the years from 1970 to 1979, inclusive. ...


Stated purposes and goals

The Bretton Woods Conference took place in July of 1944, but did not become operative until 1959, when European currencies became convertible. Under this system, the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development were established. The IMF was developed as a permanent international body. The summary of agreements from July 22, 1944 states, "The nations should consult and agree on international monetary changes which affect each other. They should outlaw practices which are agreed to be harmful to world prosperity, and they should assist each other to overcome short-term exchange difficulties." The International Bank was created to speed up post-war reconstruction, to aid political stability, and to foster peace. This was to be fulfilled through the establishment of programs for reconstruction and development. This article is 150 kilobytes or more in size. ... July 22 is the 203rd day (204th in leap years) of the year in the Gregorian Calendar, with 162 days remaining. ... 1944 (MCMXLIV) was a leap year starting on Saturday. ... According to “Building Black Wealth In America” prosperity is that point where all reasonable wealth accumulation goals are exceeded for successive generations, it is the epitome of financial stability, reliability, and security. ... Map of Cold-War era Europe and the Near East showing countries that received Marshall Plan aid. ... The symbol of the Campaign for Nuclear Disarmament, which has become a widely recognized peace symbol. ...


The main terms of this agreement were:

  1. Formation of IMF and IBRD (also called the World Bank).
  2. Adjustable peg FX rates system: The exchange rates were fixed, with the provision of changing them if necessary.
  3. Currencies were required to be convertible for trade related and other current account transactions. The governments, however, had the power to regulate capital flows.
  4. As it was possible that exchange rates thus established may not be favourable to a country's BoP position, the governments had the power to revise them by up to 10%.
  5. All member countries were required to subscribe to IMF's capital.

The balance of payments is a measure of the payments that flow from one exports and imports of goods, services, and financial capital, as well financial transfers. ...

Encouraging open markets

The seminal idea behind the Bretton Woods Conference was the notion of open markets. In Henry Morgenthau's farewell remarks at the conference, he stated that the establishment of the International Monetary Fund and the World Bank marked the end of economic nationalism. This meant countries would maintain their national interest, but trade blocks and economic spheres of influence would no longer be their means. The second idea behind the Bretton Woods Conference was joint management of the Western political-economic order. Meaning that the foremost industrial democratic nations must lower barriers to trade and the movement of capital, in addition to their responsibility to govern the system. Capitalism generally refers to an economic system in which the means of production are mostly privately[1] owned and operated for profit, and in which distribution, production and pricing of goods and services are determined in a largely free market. ... There are two notable people called Henry Morgenthau, father and son: Henry Morgenthau, Sr. ... Economic nationalism is a term used to describe policies which are guided by the idea of protecting dom estic consumption, labor and capital formation, even if this requires the imposition of tariffs and other restrictions on the movement of labour, goods and capital. ... Protectionism is the economic policy of restraining trade between nations, through methods such as high tariffs on imported goods, restrictive quotas, a variety of restrictive government regulations designed to discourage imports, and anti-dumping laws in an attempt to protect domestic industries in a particular nation from foreign take-over... International finance is the branch of economics that studies the dynamics of exchange rates, foreign investment, and how these affect international trade. ...


Monetary order in a post-war world

The need for postwar Western economic order was resolved with the agreements made on monetary order and open system of trade at the 1944 Bretton Woods Conference which allowed for the synthesis of Britain's desire for full employment and economic stability and the United States' desire for free trade. Monetarism is a set of views concerning the determination of national income and monetary economics. ... Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers. ... In economics, full employment has more than one meaning. ... Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers. ...


One failed proposal

The Conference also proposed the creation of an International Trade Organization (ITO) to establish rules and regulations for international trade. The ITO would have complemented the other two Bretton Woods proposed international bodies: the IMF and the World Bank. WTO is the onlt international trade organization. ... International trade is the exchange of goods and services across international boundaries or territories. ... The flag of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization entrusted with overseeing the global financial system by monitoring foreign exchange rates and balance of payments, as well as offering technical and financial assistance when asked. ... Logo of the World Bank The International Bank for Reconstruction and Development (IBRD, in Romance languages: BIRD), better known as the World Bank, is an international organization whose original mission was to finance the reconstruction of nations devastated by WWII. Now, its mission has expanded to fight poverty by means...


The ITO charter was agreed on at the U.N. Conference on Trade and Employment (held in Havana, Cuba in March of 1948), but was not ratified by the U.S. Senate. As a result, the ITO never came into existence. The foundation of the U.N. The United Nations (UN) is an international organization whose stated aims are to facilitate co-operation in international law, international security, economic development, social progress and human rights issues. ... This article is about the Cuban city. ... March is the third month of the year in the Gregorian Calendar and one of seven Gregorian months with the length of 31 days. ... 1948 (MCMXLVIII) was a leap year starting on Thursday (the link is to a full 1948 calendar). ... Seal of the U.S. Senate Federal courts Supreme Court Chief Justice Associate Justices Elections Presidential elections Midterm elections Political Parties Democratic Republican Third parties State & Local government Governors Legislatures State Courts Counties, Cities, and Towns Other countries Politics Portal      Senate composition following 2006 elections The United States Senate is...


However, in 1995, the Uruguay Round of GATT negotiations established of the World Trade Organisation (WTO) as the replacement body for GATT. The GATT principles and agreements were adopted by the WTO, which was charged with administering and extending them. It has been argued that the WTO functions, today, as the ITO would have functioned, had it been created. 1995 (MCMXCV) was a common year starting on Sunday of the Gregorian calendar. ... For other uses of the initials WTO, see WTO (disambiguation). ...


Quotes

  • "The economic health of every country is a proper matter of concern to all its neighbors, near and far."

- Franklin Roosevelt at the opening of Bretton Woods Franklin Delano Roosevelt (January 30, 1882–April 12, 1945), often referred to as FDR, was the 32nd (1933–1945) President of the United States. ...


See also

Preceding: Atlantic Charter
Subsequent: Bretton Woods system, International Trade Organization

en:Bretton Woods system Wikipedia does not have an article with this exact name. ... President Nixon announces that the U.S. will stop redeeming dollars for gold. ... Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000... Map of Cold-War era Europe and the Near East showing countries that received Marshall Plan aid. ... Franklin Delano Roosevelt (January 30, 1882–April 12, 1945), often referred to as FDR, was the 32nd (1933–1945) President of the United States. ... The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. ... International trade is the exchange of goods and services across international boundaries or territories. ... International finance is the branch of economics that studies the dynamics of exchange rates, foreign investment, and how these affect international trade. ... The flag of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization entrusted with overseeing the global financial system by monitoring foreign exchange rates and balance of payments, as well as offering technical and financial assistance when asked. ... General Agreement on Tariffs and Trade (usually abbreviated GATT) functions as the foundation of the WTO trading system, and remains in force, although the 1995 Agreement contains an updated version of it to replace the original 1947 one. ... Protectionism is the economic policy of restraining trade between nations, through methods such as high tariffs on imported goods, restrictive quotas, a variety of restrictive government regulations designed to discourage imports, and anti-dumping laws in an attempt to protect domestic industries in a particular nation from foreign take-over... Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers. ... WTO is the onlt international trade organization. ... This article or section does not adequately cite its references or sources. ... Image File history File links Steps. ... Churchill meets FDR aboard USS Augusta at their 1941 secret meeting at Argentia, Newfoundland. ... Wikipedia does not have an article with this exact name. ... WTO is the onlt international trade organization. ... Wikipedia does not have an article with this exact name. ...


 
 

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