The Bretton Woods monetary system played a fundamental role in shaping international trade in the world economy. 730 delegates from 44 countries considered the creation of the Bretton Woods monetary system to facilitate international trade and foreign exchange. The monetary system incorporates key ideas from the British economist John Maynard Keynes and the American economist Harry Dexter White. Keynes wanted the system to create a global central bank and a new international reserve currency, while White called for the dollar to be pegged to the value of gold. Therefore, all other foreign currencies will be pegged to the value of the US dollar. Although delegates favored the system, it soon collapsed and was disbanded between 1968 and 1973. The consequences of its dissolution are still debated today, as it affected current foreign exchange arrangements, international trade and development by strengthening the World Bank and the International Monetary Fund (IMF).
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