In short words, the Bretton Woods system was an international monetary system established in 1944 at the Bretton Woods Conference in New Hampshire, United States. It aimed to promote global financial stability and facilitate international trade and investment in the aftermath of World War II. Under this system, countries agreed to fix the value of their currencies to the U.S. dollar, which was in turn linked to gold at a fixed exchange rate. The U.S. dollar became the primary reserve currency, and the International Monetary Fund (IMF) was created to oversee the system and provide stability in exchange rates. The Bretton Woods system played a significant role in shaping the international monetary order until it collapsed in the early 1970s.