Evolution of the International Monetary System The international monetary system went through several distinct stages of evolution. These stages are summarized as follows:

1. Bimetallism: Before 1875. 2. Classical gold standard: 18751914. 3. Interwar period: 19151944. 4. Bretton Woods system: 19451972. 5. Flexible exchange rate regime: Since 1973.

Explain which stage of the evolution of the international monetary system was the most impactful and why.

Discuss the criteria for a good or ideal international monetary system. Support your answer by explaining why these criteria are necessary.