The international monetary system has evolved as governments' needs have changed and as these governments respond to domestic and international conditions. Private investors and speculators also have a major impact, sometimes to the disadvantage of specific countries. During the 20th century, the international monetary system underwent major transformations to respond to the needs of governments, international businesses, and currency traders. Although supply and demand determine the relative value of any two currencies through the foreign exchange market, governments also have a major impact. The exchange rate policy adopted by a government will affect international business operations in that country. Because discussion and debate still surround the institutions in the system, businesses need to be aware of their history and evolution. Roll over each term to read its description. Then place it in the appropriate place on the chart. Easy to Predict 1880 Gold Standard Speculators and Dollars Hopeful Response Response to Volatility 1930s Devaluing Currencies Response to Volatility 1944 Bretton Woods Easy to Predict Unable to Predict 1973 Fixed Rate Collapse Unable to Predict Speculators and Dollars 1976 Jamaical Agreement Hopeful Response