When was the Brenaud Woods system

Bretton Woods system.

The time of collapse was 1971.

In 1971, the United States dollar depreciated further, and the world's major currencies were forced to implement a floating exchange rate system due to the impact of speculators, and the Bretton Woods system collapsed completely. Because of the many outbreaks of the dollar crisis and the US economic crisis.

The irresolvable contradictions of the system itself, the Bretton Woods system came to an end in 1971.

In February 1973, the US dollar depreciated further, and the world's major currencies were forced to implement a floating exchange rate system due to the impact of speculators, thus establishing the Layton Woods system.

Completely collapsed. There are inextricable contradictions in this 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.

The Bretton Woods system refers to the post-war international monetary system centered on the US dollar. 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 content, constituting capitalism.

The core content of the group is a system for realizing American economic hegemony in accordance with the principles set by the United States.

1.The flaws of the system itself. The root cause of the collapse of the dollar-centric international monetary system.

It is the system itself that has an irresolvable contradiction. Under this system, the US dollar functions as a world currency as an international means of payment and an international means of reserves.

On the one hand, as an international means of payment and international reserves, the US dollar requires a stable value of the US dollar in order to be generally accepted by other countries in international payments. The stability of the value of the US dollar not only requires the United States to have sufficient reserves.

Moreover, the United States must maintain a surplus in the balance of payments.

As a result, the ** will continue to flow into the United States and increase its ** reserves. Otherwise, people will be reluctant to accept dollars in international payments.

On the other hand, the world needs to have adequate foreign exchange reserves.

He also demanded that the United States maintain a large deficit in the balance of payments, otherwise the world will face a shortage of foreign exchange reserves and a shortage of international means of payment in international circulation channels. However, as the U.S. deficit increases, the dollar's best guarantees will continue to decrease, and the dollar will continue to depreciate. Second world war.

Later, from the shortage of dollars to the flood of dollars, it is the inevitable result of the development of this contradiction.

2.The dollar crisis and the US economic crisis.

Frequent outbreaks. The capitalist world economy has been in flux, and the dollar crisis was the direct cause of the collapse of the Bretton Woods system.

The Bretton Woods system was declared closed by Nixon on 15 August 1971.

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

As a supplement to the Bretton Woods Conference in 1944, the General Agreement on Tariffs, together with the various Eggplant Agreements adopted by 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 content, which constitutes the core content of the capitalist bloc.

The Bretton Woods system was established in July 1944.

The Bretton Woods monetary system refers to the international monetary system centered on the US dollar, which was established by representatives of major Western countries at the United Nations International Monetary and Financial Conference in July 1944. Because the meeting was held in Bretton Woods, New Hampshire, USA, it was called the Bretton Woods system.

The GATT complements the Bretton Woods Conference in 1944 and, together with the agreements adopted at the Bretton Woods Conference, are collectively referred to as the Bretton Woods system. That is, the multilateral economic system with foreign exchange liberalization, capital liberalization and liberalization as the main content constitutes the core content of the capital group.

System features

1. Under the international gold standard system, the currencies of various countries are freely convertible, and no restrictive measures are generally taken on international payments. Under the Bretton Woods system, many countries could not achieve free convertibility of currencies, and foreign payments were subject to certain restrictions.

2. Under the gold standard system, international reserve assets are mainly **.

3. Under the international gold standard, countries implement free multilateral settlement. Many countries have implemented foreign exchange controls, adopting bilateral arrangements for use and payment.

4. Under the international gold standard, the flow of ** is completely free. Under the Bretton Woods system, the flow of ** is somewhat restricted. Countries that implement the gold exchange standard also allow residents to exchange foreign currency (pounds, francs or US dollars) to the United Kingdom, the United States, and France**, and the United States only agrees that foreign countries can exchange dollars to the United States under certain conditions**, and foreign residents are not allowed to exchange dollars to the United States**.

The above content reference: Encyclopedia - Bretton Woods system Wang Yuan.

July 1944.

First world war.

Since the beginning, international activities have been greatly affected, resulting in difficulties in converting their currencies into countries**, resulting in a gold standard.

The collapse of the system. In 1929, there was a worldwide economic depression (also known as the Great Panic), followed by the outbreak of World War II in 1939.

In order to strengthen international economic cooperation, rebuild the international monetary order, and restore the freedom of international cooperation.

In July 1944, delegates from 44 countries met at the Mount Washington Inn in Bretton Woods, New Hampshire, United States, to establish standards for international monetary and financial transactions and to discuss post-war reconstruction in order to promote the prosperity of the post-war world** and the economy.

Among the criteria established at the conference were that national currencies should not be depreciated at will to maintain a fixed exchange rate, to promote unimpeded capital accumulation, and to facilitate capital accumulation to help the Third World.

of the country to rebuild the post-war economic system.

Resolution by Roosevelt.

**Lead the allies to jointly establish an international currency**.

International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD) to implement post-war reconstruction and development plans.

The two major international financial organizations also provide fixed exchange rates with the US dollar to support the growing flow of money in the international financial system in response to the lack of production in the world.

Effect. Because the dollar no longer needs to be pegged to the ** stock, it is post-Bretton Woods.

To solve the dilemma of the gradual shortage of the United States' stock, the United States no longer needs to outflow to issue dollars, and under the Bretton Woods system, with the expansion of the economic scale of various countries, the dollar must passively increase its issuance to respond, but the release of the code to cover the dollar is also equal to the outflow, which will only make the situation that is already facing the shortage of stocks continue to worsen.

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The Bretton Woods system was established at the Bretton Woods Conference in 1944.

It established a fixed exchange rate system and a dollar-based financial system, and created international financial institutions such as the International Monetary Organization and the World Bank.

<> 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.