Bretton Woods system | Wikipedia audio article
Channel: wikipedia tts
Date: 2018-12-04

This is an audio version of the Wikipedia Article:
Bretton Woods system


00:02:23 1 Origins
00:02:49 1.1 Interwar period
00:07:20 1.2 Post war negotiations
00:11:31 1.2.1 Economic security
00:12:52 1.2.2 Rise of governmental intervention
00:16:04 1.2.3 Atlantic Charter
00:18:38 1.2.4 Wartime devastation of Europe and East Asia
00:21:25 2 Design of the financial system
00:22:27 2.1 Informal regimes
00:22:36 2.1.1 Previous regimes
00:24:57 2.1.2 Fixed exchange rates
00:27:56 2.2 Formal regimes
00:29:12 2.2.1 International Monetary Fund
00:29:57 2.2.1.1 Design
00:33:12 2.2.1.2 Subscriptions and quotas
00:34:48 2.2.1.3 Trade deficits
00:36:37 2.2.1.4 Par value
00:37:29 2.2.1.5 Operations
00:38:40 2.2.2 International Bank for Reconstruction and Development
00:40:14 3 Readjustment
00:40:23 3.1 Dollar shortages and the Marshall Plan
00:44:36 3.2 Cold War
00:46:53 4 Late application
00:47:03 4.1 U.S. balance of payments crisis
00:52:51 4.2 Structural changes
00:53:00 4.2.1 Return to convertibility
00:53:42 4.2.2 Growth of international currency markets
00:55:08 4.3 Decline
00:55:17 4.3.1 U.S. monetary influence
00:57:10 4.3.2 Dollar
00:58:58 4.4 Paralysis of international monetary management
00:59:08 4.4.1 Floating-rate system during 1968–1972
01:00:34 4.4.2 Nixon Shock
01:02:07 4.4.3 Smithsonian Agreement
01:04:12 5 Bretton Woods II
01:05:09 5.1 The Bretton Woods system after the 2008 crisis
01:07:08 6 Pegged rates
01:07:24 6.1 Japanese yen
01:07:40 6.2 German Mark
01:07:55 6.3 Pound sterling
01:08:11 6.4 French franc
01:08:27 6.5 Italian lira
01:08:43 6.6 Spanish peseta
01:08:59 6.7 Dutch guilder
01:09:15 6.8 Belgian franc
01:09:31 6.9 Swiss franc
01:09:47 6.10 Greek drachma
01:10:03 6.11 Danish krone
01:10:18 6.12 Finnish markka
01:10:34 6.13 Norwegian krone
01:10:51 7 See also



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SUMMARY
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The Bretton Woods system of monetary management established the rules for commercial and financial relations among the United States, Canada, Western Europe, Australia, and Japan after the 1944 Bretton Woods Agreement. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent states. The chief features of the Bretton Woods system were an obligation for each country to adopt a monetary policy that maintained its external exchange rates within 1 percent by tying its currency to gold and the ability of the IMF to bridge temporary imbalances of payments. Also, there was a need to address the lack of cooperation among other countries and to prevent competitive devaluation of the currencies as well.
Preparing to rebuild the international economic system while World War II was still raging, 730 delegates from all 44 Allied nations gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire, United States, for the United Nations Monetary and Financial Conference, also known as the Bretton Woods Conference. The delegates deliberated during 1–22 July 1944, and signed the Bretton Woods agreement on its final day. Setting up a system of rules, institutions, and procedures to regulate the international monetary system, these accords established the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), which today is part of the World Bank Group. The United States, which controlled two thirds of the world's gold, insisted that the Bretton Woods system rest on both gold and the US dollar. Soviet representatives attended the conference but later declined to ratify the final agreements, charging that the institutions they had created were "branches of Wall Street". These organizations became operational in 1945 after a sufficient number of countries had ratified the agreement.
On 15 August 1971, the United States unilaterally terminated convertibility of the US dollar to gold, effectively bringing the Bretton Woods system to an end and rendering the dollar a fiat currency. This action, referred to as the Nixon shock,  created t ...