Create a 5 pages page paper that discusses system of bretton woods. The economic ripple effects were felt around the world which had already been deeply interconnected through trade and foreign direct

Create a 5 pages page paper that discusses system of bretton woods. The economic ripple effects were felt around the world which had already been deeply interconnected through trade and foreign direct investments. Second, on the agenda was to rebuild the war-torn economies of Europe. They were setting in motion plans to rebuild global capitalism in the midst of the Second World War. Bretton Woods is the very first example of a completely negotiated order in the history of the world meant to govern monetary relations among independent nation-states.Three institutions were planned with the aim of promoting a new world economic order by setting up a system of rules and procedures in an effort to regulate the international political economy. The institutions that were established were, the International Monetary Fund (IMF) which was set up to ensure a stable exchange rate and provide assistance to countries facing temporary economic crises in their balance of payments. The second institution was the International Bank for Reconstruction and Development (IBRD), which later changed into the World Bank whose aim was to enable private reconstruction and investment in Europe. The bank was also charged with the responsibility of aiding development in other countries which is the main reason for its existence to date. Thirdly, the general agreement on tariffs and Trade (GATT), signed in 1947 which forged ahead to become the forum for negotiation on trade liberalization and the reduction of trade barriers (Lamy 350).The key characteristics of the Bretton Woods system were, first, each country was obliged to maintain the exchange rates for its currency within a fixed value. Second, IMF assistance to bridge temporary payment imbalances. Faced by increasing strain, the system collapsed eventually in 1971 as a result of the US’s suspension of convertibility to gold, from dollars.&nbsp.

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