The Bretton Woods System[WLOs: 2, 6] [CLOs: 1, 2, 3, 5]

In July 1944, 730 delegates - financial specialists and bankers - from the 44 allied nations, met at Bretton Woods, New Hampshire to discuss what the post-World War 2 monetary system would be and to rebuild the international economic system. The outcome of this meeting was the Bretton Woods system, which made the U.S. dollar as the world's reserve currency linked to gold at $35 an ounce. this will trace several major international economic events beginning with the aftermath of World War 2 and ending with the current time. In your discussion, describe each event and its lasting impact on the world economy, particularly how it affected international monetary relations. Prior to beginning work on this assignment, read The Case Study: Bretton Woods on pages 31-32 of Chapter 2 in the Gerber (2017) text. Then, respond to the following components:

• Evaluate the Bretton Woods decision of 1944. Include a discussion about what happened to the Gold Standard at this conference.
• Assess the 1971 lift of the pegged status of world currencies. Explain the end of the Bretton Woods system and its effects on international monetary relations.
• Analyze the 1973 oil embargo. Discuss the various causes of the oil embargo and how it relates to the ending of the Bretton Woods system.
• Evaluate the 2008 oil crisis. Discuss the economic causes of the oil crisis and its effects on the global economy, many of which continued until later years.