AP MacroeconomicsEconomic History & Events
Bretton Woods System
Bretton Woods was the post-WWII system of fixed exchange rates pegged to the U.S. dollar, which was convertible to gold.
Established in 1944, it created the IMF and World Bank and stabilized global trade. It collapsed in 1971 when the U.S. ended dollar-gold convertibility, ushering in today's floating exchange rates.