In the 20th century, the U.S. economy's shift from the gold standard to the Bretton Woods

system, and what happened over time as a result, had an important role in changing the United

States' standing in the world. a. Explain what the gold standard was, including its connection to the U.S. and world economies in the early 1900s. b. Explain the Bretton Woods system and how it initially affected the global role of the U.S. dollar. c. What was the effect of the Bretton Woods system over time? Explain what happened in the early 1970s that ended the system. How was the status of the U.S. dollar affected as a result?