What impact did the establishment of the Bretton Woods system have on the formation and maintenance

1) The Bretton Woods Agreement provided for a direct pegging of the U.S. dollar to **, the currencies of the IMO member states were pegged to the U.S. dollar, the U.S. dollar received a special status of "equivalence", and the hegemony of the U.S. dollar in the monetary and financial sphere of the capitalist world was established. The United States, by virtue of its strong economic power, has gained absolute control over the World Bank and the International Monetary Organization**. As a result, the United States has mastered the means to control the economies of other countries, which has created conditions for the United States to form and maintain world hegemony.

2) reversed the dilemma of the proportion of U.S.'s ** reserves from high to low; To avoid the economy falling into "stagflation" and shake the hegemony of the world economy.

Conceptual explanation: The Bretton Woods system refers to the international monetary system centered on the US dollar after World War II. In July 1944, representatives of major Western countries established the system at the United Nations International Monetary and Financial Conference, because the conference was held in Bretton Woods, New Hampshire, USA, so it was called the "Bretton Woods System".

As a supplement to the Bretton Woods Conference in 1944, the General Agreement on Tariffs, together with the agreements adopted at the Bretton Woods Conference, is collectively known as the "Bretton Woods system", that is, the multilateral economic system with foreign exchange liberalization, capital liberalization and liberalization as the main contents, which constitutes the core content of the capitalist bloc and is a system for realizing US economic hegemony in accordance with the principles formulated in the interests of the United States. The establishment of the Bretton Woods system promoted the recovery and development of the post-war capitalist world economy. Due to the frequent outbreaks of the dollar crisis and the US economic crisis, as well as the inextricable contradiction of the system itself, the system was terminated in 1973.

The Bretton Woods system stipulates two things:

1。It is stipulated that the US dollar shall be used as the foreign exchange unit.

Ounce $35.

It has greatly intensified the hegemony of the United States over the world.

<> First, let's start with the first question:

The Bretton Woods system was established in 1944. In July 1944, representatives of major Western countries established the system at the United Nations International Monetary and Financial Conference, which was later called the "Bretton Woods System" because the conference was held in Bretton Woods, New Hampshire, USA.

And after this meeting, a General Agreement on Tariffs was issued to supplement the content of the conference. Since then, the General Agreement on Tariffs, together with the agreements adopted at the Bretton Woods Conference, has been referred to as the "Bretton Woods system". The core content is the multilateral economic system with foreign exchange liberalization, capital liberalization and liberalization as the main content, constituting a capitalist bloc.

Second, let's talk about the second question. The provisions of the Bretton Woods system are as follows:

The first is to directly peg ** to the US dollar. Second, the national currencies of other countries should be pegged to the US dollar. The third is the implementation of an adjustable fixed exchange rate, and the adjustment is very small.

Fourth, the currency convertibility and international payment and settlement principles of various countries. Fifth, the US dollar has become the main international reserve currency in the foreign exchange reserves of various countries.

3. Now let's talk about the third question. There are many reasons for the collapse of the Bretton Woods system, as follows: First, the relative decline in the status of the dollar, the rapid economic growth of other countries after World War II, the dollar is no longer far ahead, and the gap with other countries has narrowed, so the Bretton Woods system will be loosened.

Second, the United States has insufficient reserves, the United States launched the Korean and Vietnam wars one after another, military spending has increased sharply, and the fiscal deficit is huge, and it has to rely on the issuance of currency to make up for it, resulting in increased domestic inflation; In addition, the rise of the economic index of Western Europe and other countries, all kinds of goods and services continue to be quietly imported into the United States, resulting in the United States balance of payments deficit year after year, the continuous reduction of reserves, a large outflow of dollars, and a surplus of dollars in the international market, which makes the dollar exchange rate bear a huge impact, and the fixed exchange rate system is in danger.

Fourth, the last fourth question:

The replacement of the Bretton Woods system is the Jamaican system. The main contents include: First, the reform of the floating exchange rate system has been implemented, and the legalization of the floating exchange rate system has been formally confirmed.

The second is to implement the first non-monetization. The agreement made a decision to gradually withdraw ** from the international currency. The third is to enhance the role of the Special Drawing Right.

Fourth, increase the share of member countries. Fifth, expand credit lines to increase financing for developing countries.

The Bretton Woods system was established in 1944 at the International Monetary and Financial Conference held in Bretton Woods, New Hampshire, USA. This system was led by the United States and aimed to establish a stable international monetary and financial order to help rebuild the post-war world economy.

Under the Bretton Woods system, the U.S. dollar was established as the international currency, while the currencies of other countries could be exchanged for the U.S. dollar. In addition, the Bretton Woods system stipulates that the currencies of all member countries should have a fixed exchange rate, and the exchange rate against the US dollar should not exceed a floating range of 1%, while the US dollar itself is pegged to **, 1 ounce** can be exchanged for 35 US dollars.

The Bretton Woods system was very successful in the early days of its implementation, stabilizing the world monetary system to a certain extent, promoting global ** and capital flows, and promoting the economic recovery of the post-war world. Over time, however, the Bretton Woods system faced a series of problems. The most important of these was a massive increase in U.S. spending on matters such as the Vietnam War, which led to the U.S. dollar and the super-development of U.S. dollars, which allowed other countries to have more U.S. dollars than the U.S. reserves, thus undermining the gold standard of the Bretton Woods system.

In addition, the economic rise of Europe and other countries and dissatisfaction with the hegemony of the dollar have gradually aggravated the contradictions and tensions of the Bretton Woods system.

Eventually, the Bretton Woods system was declared bankrupt in 1971, and the United States announced that it would abolish the direct exchange rate between ** and the US dollar, and introduce a floating exchange rate system. After this pure search, the international monetary system entered a new era, the so-called "new financial system".

Overall, the Bretton Woods system was an important international monetary and financial order established after World War II, which stabilized the global economic system to a certain extent. However, over time, it exposed many flaws that eventually led to its collapse. In its place is a global monetary system characterized by floating exchange rates.

The Bretton Woods system, which was established in 1944, mainly stipulated that the international monetary system centered on the inherited dollar collapsed because of the economic crisis.

It was established in 1944. The rule is to use the U.S. dollar to trade international currencies. This is due to the fact that the dominance of the United States has led to the expansion of glucose in the United States, which caused people's resistance before the collapse of the Duan Zichakra occurred.

The Jamaican system has replaced it, and the Jamaican system is more liberal.

It was established from July 1944 to 1973 when smoking cessation was erected. The stipulation is that most countries use the US dollar as the international or regional currency. This is because many countries have been restricted by the United States in the process of development, so they will abandon such a system.

The Jamaican system replaces it.

Bretton Woods system.

The root causes of the collapse are:

1. The defects of the system itself. The fundamental reason for the collapse of the dollar-centered international monetary system is the inextricable contradictions in the system itself. Under this system, the US dollar functions as a world currency as an international means of payment and an international means of reserves.

2. The dollar crisis and the U.S. economic crisis broke out frequently. Capitalism.

The world economy is in flux, and the dollar crisis is the direct cause of the collapse of the Bretton Woods system.

The main elements of the "Bretton Woods System" include the following:

1. The U.S. dollar is pegged to **. The States confirmed the official price of $35 per ounce set by the United States in January 1944, with the gold content per dollar being grams. Countries** or **banks may exchange U.S. dollars for U.S. dollars at official rates**.

In order to make the official price not subject to the free market gold price.

shock, countries need to cooperate with the United States.

In the international auction financial market, the Uyghur people celebrate this official price.

2. Other countries are pegged to the U.S. dollar, and other countries stipulate the gold content of their currencies, and determine the exchange rate with the U.S. dollar through the proportion of the gold content.

3. Implement an adjustable fixed exchange rate. International Monetary Agreement**

It stipulates that the exchange rate of the currencies of various countries against the US dollar can only fluctuate within a range of 1% above and below the legal exchange rate. If the market exchange rate fluctuates by more than 1% of the legal exchange rate, each country** is obliged to intervene in the foreign exchange market to maintain the stability of the exchange rate. If the change in the legal exchange rate of a Member State exceeds 1 per cent, it must be subject to the International Monetary Fund**.

Approval. In December 1971, the range of this spot rate change was broadened to the upper and lower ranges, and the criterion for determining "parity" was changed from ** to Special Drawing Rights.

This exchange rate system of the Bretton Woods system is known as the "adjustable peg exchange rate system".

4. Currency convertibility and international payment and settlement principles of various countries. The Agreement provides for the principle of free convertibility of national currencies: any Member State converts its national currency for the payment of current account transactions with other Member States in exchange for its own currency.

Taking into account the actual situation of each country, the Agreement provides for a "transition period". The Agreement stipulates the principle of international payment settlement: Member States shall not impose restrictions on the payment or settlement of the current account of the balance of payments without the consent of the organization.

1. The establishment of a system of pegging and fixing the exchange rate between the US dollar and the deficit has put an end to the chaotic international financial order and created favorable external conditions for international expansion and world economic growth.

2. As a reserve currency and an international means of repayment, the US dollar makes up for the lack of the best and improves the global purchasing power.

Promotes international** and cross-border investment.

3. If the supply of US dollars is too much, there is no guarantee that all of them can be converted**, and if the supply does not collapse, the means of international settlement are insufficient, which is the Triffin dilemma.

4. The solvency of the US dollar and the confidence in the US dollar constitute a contradiction, which is manifested in the contradiction between the status of the US dollar's international currency reserve and the international solvency, the asymmetry of policy coordination between reserve currency issuers and non-reserve currency issuers, and the dilemma between internal and external objectives under the fixed exchange rate system.

Bretton Woods system.

The most fundamental reason for the collapse lies in the irreconcilable contradictions of the system itself. On the one hand, the dollar, as a means of international payment and reserves, requires a stable currency value, which requires the United States to have sufficient reserves.

and maintain a surplus in the international **.

This allows the US dollar to continue to flow in to enhance people's confidence in the stability of the US dollar.

On the other hand, the US dollar, as an international currency and means of payment and settlement, requires the United States to maintain a deficit in the international market, otherwise it will cause a shortage of international means of payment and foreign exchange reserves in various countries.

Inadequate situation. However, if the deficit increases, its corresponding ** reserves will continue to decrease, and the dollar will gradually be depreciated.

In addition, the United States launched wars against Korea and Vietnam one after another.

Military spending has increased dramatically, and there is a fiscal deficit.

It is huge and has to be compensated by the issuance of currency, resulting in increased domestic inflation;

In addition, the economic rise of Western Europe and other countries, all kinds of goods and services continue to be imported into the United States, resulting in a deficit in the United States balance of payments year after year, the continuous reduction of reserves, a large outflow of dollars, and a surplus of dollars in the international market, which has made the dollar exchange rate bear a huge impact and the fixed exchange rate system is in jeopardy.

The role of the Bretton Woods system.

The formation of the Bretton Woods system temporarily put an end to the chaos in the monetary and financial fields before the war and maintained the normal operation of the world monetary system after the war. The fixed exchange rate system is one of the pillars of the Bretton Woods system.

The crisis of the capitalist world economy caused a crisis of the monetary system, which led to the gold standard.

collapsed, and international monetary and financial relations presented a chaotic situation. The establishment of the Bretton Woods system, centered on the US dollar, has provided a unified standard and foundation for international monetary and financial relations, and the chaotic situation has been temporarily stabilized.

The rapid formation of the Bretton Woods system expanded the world in a relatively stable situation**.

The United States has distributed a large amount of dollars to the world through gifts, credits, and the purchase of foreign goods and services, which objectively plays a role in expanding the world's purchasing power.

At the same time, the fixed exchange rate system has eliminated the turbulence caused by exchange rate fluctuations to a large extent, stabilized the currency exchange rates of major countries to a certain extent, and is conducive to the development of international development.

The above content refers to the Encyclopedia-Bretton Woods system.

Before the collapse of the Bretton Woods system, the United States "couldn't hold on"?

Bretton Woods system.

The collapse was followed by the Jamaican system.

The Bretton Woods system was established in July 1944 by representatives of major Western countries at the United Nations International Monetary and Financial Conference, which was held in New Hampshire, USA.

Bretton Woods was held, so it was called the "Bretton Woods system". The system was terminated by Nixon in 1971.

In January 1976, the International Monetary Organization.

The Interim Committee on the International Monetary System met in Jamaica and arrived at the famous "Jamaica Agreement".

In April of the same year, the Board of Governors of the International Monetary Organization (IMO) adopted the Second Amendment to the International Monetary Agreement, which entered into force on April 1, 1978, thus forming a new international monetary system, the Jamaican system. The implementation of the Jamaican system has played a positive role in maintaining the operation of the international economy and promoting the development of the world economy.