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Topic: Bretton Woods system


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  Bretton Woods system - Wikipedia, the free encyclopedia
The chief features of the Bretton Woods system were an obligation for each country to adopt a monetary policy that maintained the exchange rate of its currency within a fixed value—plus or minus one percent—in terms of gold; and the ability of the IMF to bridge temporary imbalances of payments.
The political bases for the Bretton Woods system are in the confluence of several key conditions: the shared experiences of the Great Depression, the concentration of power in a small number of states, and the presence of a dominant power willing and able to assume a leadership role in global monetary affairs.
The big question at the Bretton Woods conference with respect to the institution that would emerge as the IMF was the issue of future access to international liquidity and whether that source should be akin to a world central bank able to create new reserves at will or a more limited borrowing mechanism.
en.wikipedia.org /wiki/Bretton_Woods_system   (9453 words)

  
 NationMaster - Encyclopedia: Bretton Woods system
Bretton Woods is an area within the town of Carroll, New Hampshire whose principal points of interest are three leisure and recreation facilities.
The chief features of the Bretton Woods system were, first, an obligation for each country to maintain the exchange rate of its currency within a fixed value—plus or minus one percent—in terms of gold; and, secondly, the provision by the IMF of finance to bridge temporary payments imbalances.
The political bases for the Bretton Woods system are to be found in the confluence of several key conditions: the shared experiences of the Great Depression, the concentration of power in a small number of states, and the presence of a dominant power willing and able to assume a leadership role.
www.nationmaster.com /encyclopedia/Bretton-Woods-system   (1001 words)

  
 United Nations Monetary and Financial Conference - Wikipedia, the free encyclopedia
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 the resort town of Bretton Woods, New Hampshire.
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.
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.
en.wikipedia.org /wiki/Bretton_Woods_Conference   (609 words)

  
 Benjamin J. Cohen, Bretton Woods System
The Bretton Woods system is commonly understood to refer to the international monetary regime that prevailed from the end of World War II until the early 1970s.
The conference that gave birth to the system, held in the Amrican resort village of Bretton Woods, New Hampshire, was the culmination of some two and a half years of planning for postwar monetary reconstruction by the Treasuries of the United Kingdom and the United States.
Underlying their choice of exchange rate system, for example, seemed a clear expectation that beyond the postwar transitional period (itself expected to be brief) payments imbalances would not be excessive or require sacrifice of domestic stability for the sake of external equilibrium.
www.polsci.ucsb.edu /faculty/cohen/inpress/bretton.html   (4372 words)

  
 Bretton Woods system   (Site not responding. Last check: 2007-10-21)
The Bretton Woods system was first example of a fully negotiated monetary in world history intended to govern monetary relations among nation-states.
Until the early- 1970s the Bretton Woods system was effective controlling conflict and in achieving the common of the leading states that had created especially the United States.
The political bases for the Bretton Woods are to be found in the confluence several key conditions: the shared experiences of Great Depression the concentration of power in a number of states and the presence of dominant power willing and able to assume leadership role.
www.freeglossary.com /Bretton_Woods_Agreement   (5713 words)

  
 LaRouche's New Bretton Woods in Itallian Parliament
President, it is well known that last year was the anniversary of the founding of the Bretton Woods system, with which, in 1944, the global economic and financial structure was planned.
Bretton Woods, despite certain monetarist conceptions, was first and foremost intended as a system for economic reconstruction, supported above all by the President of the United States, Franklin Delano Roosevelt.
Themarker for that system, the U.S. dollar came under renewed pressure, as the Commerce Department announced a new record current accounts deficit for 2004 of $665.9 billion, up more than 25% over the previous year: and, the shortfall is worsening.
www.schillerinstitute.org /economy/nbw/2005/NBW_italy_debate.html   (1088 words)

  
 Bretton Woods entry
In July 1944, in Bretton Woods, New Hampshire, representatives of 44 nations met to establish the standards by which international trade and finance would be conducted once the Second World War had ended.
Bretton Woods was certainly not the only reason for this "miracle," especially in light of the fact that not all of its provisions (in particular, the convertibility obligations) were in full force until 1958 and that the impact of U.S. policy, especially the Marshall Plan, was undoubtedly greater than that of the World Bank.
Just as in Bretton Woods, events made it clear that fundamental disequilibria existed and that changes in either macroeconomic policies or pegged rates were necessary.
www.econ.tcu.edu /harvey/5133/bretton.html   (2338 words)

  
 Bretton woods system - Wikipedia, the free encyclopedia   (Site not responding. Last check: 2007-10-21)
Start the Bretton woods system article or add a request for it.
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www.sciencedaily.com /encyclopedia/bretton_woods_system   (188 words)

  
 SurfWax: News, Reviews and Articles On Bretton Woods System
The founders of the Bretton Woods system understood this both instinctively, I believe, but also because of their experience of the 1930s when the absence of a multilateral approach had calamitous consequences for individual countries and for the world economy as a whole...
This kind of fixed exchange rate system was adopted by most countries after the end of WWII and it was only after the dissolution of the Bretton Woods System that developed countries began to give up on it and shifted to a more flexible exchange rate system.
The breakdown of the Bretton Woods system, the emergence of Africa as a continent of independent nations, the oil shocks of the 1970s, and the collapse of communism have all brought difficult economic challenges.
news.surfwax.com /economics/files/Bretton_Woods_System.html   (3868 words)

  
 Bretton Woods Agreement (1944): historical context, economic impact and related links
The delegates at Bretton Woods reached an agreement known as the Bretton Woods Agreement to establish a postwar international monetary system of convertible currencies, fixed exchange rates and free trade.
Under the Bretton Woods system, the IMF member countries agreed to a system of exchange rates that could be adjusted within defined parities with the U.S. dollar or, with the agreement of the IMF, changed to correct a fundamental disequilibrium in the balance of payments.
Advocates of the Bretton Woods system believed that stable exchange rates would avoid the “beggar thy neighbour” policies of the 1930s and benefit economies around the world by expanding international trade.
canadianeconomy.gc.ca /english/economy/1944Bretton_woods.html   (649 words)

  
 When the Bretton Woods system collapsed
The crisis of the Bretton Woods system can be seen as a particular and very dramatic instance of the clash of national economic regulation with the logic of internationalism.
The collapse of the Bretton Woods system was an initial expression of the deepening contradiction between the inherent tendency of the productive forces to develop on a global scale and the nation-state system.
The Bretton Woods system was established in 1944 as the major capitalist powers initiated a program of national regulation aimed at containing the contradictions of the world economy and preventing the development of socialist revolution.
www.wsws.org /articles/2001/aug2001/bw-a16.shtml   (2505 words)

  
 What Has Government Done to Our Money? Bretton Woods and the New Gold Exchange Standard (the U.S.) 1945-1968
The new system was essentially the gold-exchange standard of the 1920s but with the dollar rudely displacing the British pound as one of the "key currencies." Now the dollar, valued at 1/35 of a gold ounce, was to be the only key currency.
In the Bretton Woods system, the United States pyramided dollars (in paper money and in bank deposits) on top of gold, in which dollars could be redeemed by foreign governments; while all other governments held dollars as their basic reserve and pyramided their currency on top of dollars.
Furthermore, the system could "work" for a while because all the world's currencies returned to the new system at their pre-World War II pars, most of which were highly overvalued in terms of their inflated and depreciated currencies.
www.mises.org /money/4s5.asp   (1003 words)

  
 Nationalbanken // Historical snapshots // Historical snapshots // Collapse of the Bretton Woods system
During the 1960s the fixed exchange rates within the Bretton Woods system were subject to increasing pressure, and in 1971 the USA announced that the dollar could no longer be encashed for gold.
Later that year the fluctuation bands within the system were widened from +/-1 per cent to +/-2.25 per cent, and the currency system had thus in reality collapsed.
For a brief period, however, the system was maintained with the new fluctuation bands, but in the following years the participating countries opted out one by one, and allowed their currencies to float vis-à-vis the dollar.
www.nationalbanken.dk /dnuk/hist.nsf/side/Collapse_of_the_Bretton_Woods_system   (119 words)

  
 Bretton Woods
Ever-increasing pressures in the 1960s culminated in the collapse of the Bretton Woods system in 1971, and it was reluctantly replaced with a regime of floating exchange rates.
As the Bretton Woods system evolved, the reserves of most countries became a mixture of gold and dollars.
The collapse of the Bretton Woods system did not generate a chaos as did the collapse of the international gold standard in the 1930s.
www.econ.iastate.edu /classes/econ355/choi/bre.htm   (2871 words)

  
 the Bretton Woods System-econ100
Bretton Woods and the Golden Age of Capitalism
The World Bank and its sister organization, the International Monetary Fund (IMF), were created at Bretton Woods New Hampshire in 1944.
Together they are referred to as the Bretton Woods Institutions or BWIs.
www.mtholyoke.edu /courses/jchristi/econ100/bretton_woods.htm   (103 words)

  
 Speech: A Revived Bretton Woods System? Implications for Europe and the United States
The DFG view is that the US current account deficit and the de facto pegs of many currencies, especially in Asia, to the US dollar represent a revival of the Bretton Woods system, and that the system is sustainable for a decade and serves the mutual interests of all parties.
Fourth, in today's monetary system as under BW1, the United States is both central and, most of the time, passive, as befits the country issuing the n-currency.
First, it should be noted that in some of their papers DFG have argued that their BW2 system is indefinitely stable and sustainable (DFG 2003b), implying that the system they describe can be sustained with US current account deficits of 6 percent of GDP or larger.
www.iie.com /publications/papers/paper.cfm?ResearchID=26   (5222 words)

  
 Ideology and the International Economy: The Decline and Fall of Bretton Woods
It was Friedman, he says, who "raised the standard of revolt" against the labor standard underlying the Keynesian case for full-employment policies, as well as the Bretton Woods standard of fixed exchange rates (Leeson, pp.
He treats the collapse of the Bretton Woods System as a process driven strongly by ideology, not by the asymmetries of the system itself nor by market forces.
As a result, he dwells at length on issues that had little bearing on the collapse of that system -- the debates about wage and price controls and the conduct of U.S. monetary policy under Arthur Burns -- while saying too little about the events and structural defects that undermined the Bretton Woods System.
www.eh.net /bookreviews/library/0822.shtml   (993 words)

  
 Bretton Woods - Wikipedia, the free encyclopedia
The resort community of Bretton Woods, New Hampshire.
The 1944 Bretton Woods Conference, that took place in Bretton Woods, NH, resulting in the Bretton Woods Agreement that established the international Bretton Woods system and hence the World Bank, IMF, and international gold standard.
This is a disambiguation page: a list of articles associated with the same title.
en.wikipedia.org /wiki/Bretton_Woods   (112 words)

  
 Return to Roosevelt's Concept of the Bretton Woods System, by Lyndon H. LaRouche, Jr. (Jan. 11, 2000)
Video clip from the 1944 Bretton Woods Conference, held at the Mount Washington Hotel, Bretton Woods, New Hampshire: "Today, men and women of different races and creeds are here assembled together, determined to work out by mutual cooperation a plan for a permanent contribution for the benefit of the people of the world.
Now, what we got out of Bretton Woods wasn't exactly what Roosevelt had intended, because Roosevelt died in 1945, and the minute he was dead, before they could get him fully buried, Truman, under the direction of London, was beginning to take out as much as they could of Roosevelt's program.
The hotel up there, the Bretton Woods hotel, is probably not as fancy as it used to be, but it's a place you can remember at least, and maybe you might want to visit some time.
www.larouchepub.com /lar/2000/2703_return_to_bretton.html   (6860 words)

  
 LaRouche's New Bretton Woods System
In the United States, various state legislatures are discussing the New Bretton Woods proposal, and resolutons have been introduced in some legislatures, and it passed in the Alabama State Assembly.
The original Bretton Woods system came into being at a conference of 44 nations beginning on July 1, 1944, in Bretton Woods, New Hampshire, convened on the initiative of U.S. President Franklin D. Roosevelt.
LaRouche's New Bretton Woods economic policy, including resolutions introduced in the Senate of Italy, the European Parliament, the Commonwealth of Virginia, the Kentucky House of Representatives and the Alabama House of Representatives; therefore be it
www.schillerinstitute.org /economy/nbw/nbw.html   (3494 words)

  
 Bretton Woods Revisted: GATT (part 1 0f 4)
After World War II, the global economy was rife with high barriers to trade and investment, decimated industries in Europe and Japan, and an exchange rate system where the value of currencies were askew.
In 1944, some 24 nations met in Bretton Woods New Hampshire to map out a post war strategy to revitalize the global economy.
Building on the Bretton Woods agreement, there have been eight completed rounds of GATT negotiations since 1947.
www.suite101.com /article.cfm/political_economy/5861   (507 words)

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