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Which of the following events contributed most to the disruption in the Bretton Woods system?
  • a)
    Introduction of Special Drawing Rights.
  • b)
    Western dominance over the system
  • c)
    Suspension of convertibility of dollar into gold in 1971
  • d)
    Oil price shock of 1973
Correct answer is option 'C'. Can you explain this answer?
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Which of the following events contributed most to the disruption in th...
The Most Disruptive Event in the Bretton Woods System
  • The suspension of convertibility of dollar into gold in 1971:
    • The suspension of the convertibility of the U.S. dollar into gold in 1971 was a crucial event that led to the disruption of the Bretton Woods system.
  • Key Points:
    1. The Bretton Woods system, established in 1944, aimed to create a stable international monetary system with fixed exchange rates tied to the U.S. dollar, backed by gold.
    2. Countries agreed to maintain their currency values within a narrow band against the U.S. dollar and intervene in foreign exchange markets to stabilize their currencies under this system.
    3. Due to economic pressures and rising inflation in the United States, the U.S. government found it challenging to uphold the fixed exchange rate and redeem dollars for gold at the promised rate.
    4. President Richard Nixon's decision to suspend the dollar's convertibility into gold on August 15, 1971, marked the end of the gold-backed system and a significant departure from the Bretton Woods framework.
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Which of the following events contributed most to the disruption in the Bretton Woods system?a)Introduction of Special Drawing Rights.b)Western dominance over the systemc)Suspension of convertibility of dollar into gold in 1971d)Oil price shock of 1973Correct answer is option 'C'. Can you explain this answer?
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Which of the following events contributed most to the disruption in the Bretton Woods system?a)Introduction of Special Drawing Rights.b)Western dominance over the systemc)Suspension of convertibility of dollar into gold in 1971d)Oil price shock of 1973Correct answer is option 'C'. Can you explain this answer? for UGC NET 2024 is part of UGC NET preparation. The Question and answers have been prepared according to the UGC NET exam syllabus. Information about Which of the following events contributed most to the disruption in the Bretton Woods system?a)Introduction of Special Drawing Rights.b)Western dominance over the systemc)Suspension of convertibility of dollar into gold in 1971d)Oil price shock of 1973Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UGC NET 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following events contributed most to the disruption in the Bretton Woods system?a)Introduction of Special Drawing Rights.b)Western dominance over the systemc)Suspension of convertibility of dollar into gold in 1971d)Oil price shock of 1973Correct answer is option 'C'. Can you explain this answer?.
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