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Brentwood Agreement Treaty

By Zach Arnold | December 4, 2020

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The agreement also facilitated the creation of very important financial structures: the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), now known as the World Bank. The United States launched the Marshall Plan for the economic recovery of the European Union in order to provide significant financial and economic assistance to the reconstruction of Europe, largely through subsidies rather than loans. The member countries of the Soviet bloc, for example. B Poland, were invited to receive the subsidies, but obtained a favorable agreement with the COMECON of the Soviet Union. [31] In a speech at Harvard University on June 5, 1947, U.S. Secretary of State George Marshall said: As international chief economist at the U.S. Treasury in 1942/44, Harry Dexter White designed the U.S. International Liquidity Access Project, which rivaled Keynes` plan for the British Treasury. Overall, White`s system tended to favour incentives to create price stability in the world`s economies, while Keynes wanted a system that promoted economic growth. The “collective agreement was a huge international undertaking,” which took two years before the conference to prepare for it. It consisted of numerous bilateral and multilateral meetings to find a common basis for determining the policies that would be behind the Bretton Woods system. The main objective of the conference was to reach an agreement on the IMF.

There was sufficient consensus that the conference could also reach agreement on the IRD. To do so, the conference had to be extended from July 19, 1944 to July 22. Despite its name, the World Bank has not been (and is) not the central bank of the world. At the time of the Bretton Woods agreement, the World Bank was created to lend to European countries devastated by the Second World War. The World Bank`s focus has shifted to lending to economic development projects in emerging countries. The Bretton Woods conference recommended that participating governments agree on reducing barriers to international trade. [11] The recommendation was then translated into the International Trade Organization(ITO) proposal for the establishment of rules and rules governing international trade. The ITO would have completed the IMF and IBRD. The ITO Charter was adopted at the UN Conference on Trade and Employment (March 1948 in Havana, Cuba), but the Charter was not ratified by the U.S. Senate. As a result, the ITO was never created. In its place, the less ambitious General Agreement on Tariffs and Trade (GATT) was adopted.

However, in 1995, the Uruguay Round GATT negotiations established the World Trade Organization (WTO) as a replacement body for the GATT. The GATT principles and agreements were adopted by the WTO, which was responsible for management and enlargement. The Bretton Woods Agreement was concluded in 1944 at a summit in New Hampshire, USA, on a website of the same name. The agreement was reached by 730 delegates representing the 44 allied nations who participated in the summit. Delegates, as part of the agreement, use gold standard gold In the simplest terms, the gold standard uses a system to understand the value of the currency, and this means that a currency is compared to how much it is worth in gold and at what price it can be exchanged for gold. to establish a fixed exchange rate. Below is a brief summary of why global economies were part of the Bretton Woods system, how the system worked, why it failed, and what impact the agreement had on the development of the international monetary system.

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