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What system was set up by the US after the second world war?
- a)Bretton Woods
- b)John Maynard Keynes
- c)Jabu
- d)Harry Dexter White
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
What system was set up by the US after the second world war?a)Bretton ...
Bretton Woods System
- The Bretton Woods system was set up by the US after the Second World War in 1944.
- It was established during a conference held in Bretton Woods, New Hampshire, where representatives from 44 Allied nations came together to create a new international monetary system.
- The key figures involved in the establishment of the Bretton Woods system were John Maynard Keynes, a British economist, and Harry Dexter White, an American economist.
- The system was designed to promote international economic stability and prevent the competitive devaluations that contributed to the Great Depression of the 1930s.
- Under the Bretton Woods system, participating countries agreed to peg their currencies to the US dollar, which was fixed to gold at a rate of $35 per ounce.
- The International Monetary Fund (IMF) and the World Bank were also established as part of the Bretton Woods system to provide financial assistance and promote economic development around the world.
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What system was set up by the US after the second world war?a)Bretton ...
The Bretton Woods System
The system set up by the US after the Second World War is known as the Bretton Woods System. It was established in 1944 at an international conference held in Bretton Woods, New Hampshire, and was designed to create a stable global economic environment in the aftermath of the war.
Key Features of the Bretton Woods System
1. Fixed Exchange Rates: Under the Bretton Woods System, countries agreed to fix their exchange rates to the US dollar. The US dollar was fixed to gold at a rate of $35 per ounce.
2. International Monetary Fund (IMF): The IMF was established to promote international monetary cooperation, facilitate international trade, and stabilize exchange rates.
3. World Bank: The World Bank was established to provide loans and technical assistance to developing countries.
4. Convertibility: Countries were allowed to convert their currencies to US dollars at a fixed rate and it was the responsibility of the US to maintain the value of the dollar by buying and selling gold.
Impact of the Bretton Woods System
The Bretton Woods System was successful in promoting economic growth and stability in the post-war period. However, it began to face challenges in the 1960s due to increased inflation and the growing US trade deficit. In 1971, the US ended the convertibility of the dollar to gold, effectively ending the Bretton Woods System.
Conclusion
The Bretton Woods System was a significant international economic arrangement established by the US after the Second World War. It was successful in promoting economic growth and stability for several decades but ultimately faced challenges that led to its demise.
The system set up by the US after the Second World War is known as the Bretton Woods System. It was established in 1944 at an international conference held in Bretton Woods, New Hampshire, and was designed to create a stable global economic environment in the aftermath of the war.
Key Features of the Bretton Woods System
1. Fixed Exchange Rates: Under the Bretton Woods System, countries agreed to fix their exchange rates to the US dollar. The US dollar was fixed to gold at a rate of $35 per ounce.
2. International Monetary Fund (IMF): The IMF was established to promote international monetary cooperation, facilitate international trade, and stabilize exchange rates.
3. World Bank: The World Bank was established to provide loans and technical assistance to developing countries.
4. Convertibility: Countries were allowed to convert their currencies to US dollars at a fixed rate and it was the responsibility of the US to maintain the value of the dollar by buying and selling gold.
Impact of the Bretton Woods System
The Bretton Woods System was successful in promoting economic growth and stability in the post-war period. However, it began to face challenges in the 1960s due to increased inflation and the growing US trade deficit. In 1971, the US ended the convertibility of the dollar to gold, effectively ending the Bretton Woods System.
Conclusion
The Bretton Woods System was a significant international economic arrangement established by the US after the Second World War. It was successful in promoting economic growth and stability for several decades but ultimately faced challenges that led to its demise.
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What system was set up by the US after the second world war?a)Bretton Woodsb)John Maynard Keynesc)Jabud)Harry Dexter WhiteCorrect answer is option 'A'. Can you explain this answer?
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