New Economic Order - Bretton Woods System After The World War II

Abstract

An agreement between the United States and the United Kingdom led to the founding of the International Monetary Fund and the International Bank for Reconstruction and Development in July 1944 in Bretton Woods, New Hampshire. The Bretton Woods institutions were created and put into place thanks in large part to American economic leadership, which reflected the country’s dominant position in the world’s diplomacy and economy in the years following World War II. A pattern of institutionalized multilateral cooperation that has come to be one of the defining characteristics of the post-World War II international political economy was undoubtedly influenced by the climate of international cooperation that emerged at Bretton Woods and persisted for decades afterward.