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Essay / Research Paper Abstract
A 14 page outline of the Bretton Woods System, the implementation of which was considered to be a significant turning point in post-war capitalism. This paper explores the role of the U.S. in the implementation of this system and its administration as well as the consequences of the 1971 U.S. removal of the gold backing from the dollar. Bibliography lists 20 sources.
Page Count:
14 pages (~225 words per page)
File: AM2_PPecBret.rtf
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Unformatted sample text from the term paper:
Woods System has comprised one of the most important economic factors since World War II. World economics, of course, revolve around a variety of interrelated factors. Factors such
as the unemployment rate, inflation, trade structure and the domestic and foreign exchange, and the financial market all play a role in the overall economics of the country and, indeed,
the world. Each of these factors interplay with the others to determine numerous aspects of monetary affairs. This interrelation is evident both in present times and in historic
times. The Bretton Woods System is one of these factors. The implementation of the Bretton Woods System is considered to be a significant turning point in post-war capitalism
(Beams, 2003). The Bretton Woods System was the post World War II solution to international payments problems. The world during this time was in turmoil. Exchange rates
were fluctuating wildly and the intent of the Bretton Woods System was to stabilize those rates, to eliminate exchange restrictions, to ensure currency convertibility, and to establish a multilateral system
of international payments. The results of the Bretton Woods System were indeed impressive. The International Band for Reconstruction and Development
would be formed as a consequence of the Bretton Woods System in 1945 (World Bank, 1997). The International Monetary Fund (IMF) would follow in 1947. The World Bank
and the IMF are considered by many to be the worlds knights in shining armor in terms of fighting the spreading global economic crisis (Toedtman, 1998). The IMF oversees
the international monetary system and encourages orderly exchange relations among its members by promoting exchange stability (Womens International Network, 1998). The IMF serves as a protective buffer for its
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