Bretton Woods

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The world economic system from 1944 to 1971: the US dollar was tied to gold, all other currencies to the dollar. It laid the foundation for the post-war world economy.

In July 1944, 44 countries met in the small US town of Bretton Woods and created a new international monetary system:

The rules:

• The US dollar became the reserve currency
• 1 ounce of gold = 35 US dollars (fixed)
• All other currencies had fixed exchange rates to the dollar
• The International Monetary Fund (IMF) and the World Bank were founded

Why it ended: the USA printed more dollars than it had gold (Vietnam War, social programmes). In 1971 President Nixon ended the gold peg – the "Nixon shock". Since then we have had flexible exchange rates and fiat money.

Why it still matters today: the institutions founded at Bretton Woods (IMF, World Bank) still exist today and shape the global financial architecture.

Did you know? The system tied all currencies to the US dollar ($35 = 1 ounce of gold). When President Nixon ended the gold link in 1971, the era of floating exchange rates began.

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