The paper "The Most Important Features of the Bretton Woods System" is a perfect example of a finance and accounting assignment. According to Van (1978), the Bretton woods system involved the management of money. The system established regulations and control systems that could guide both commercial and financial relations. This was majorly among the major industrial states in the world in the middle of the 20th century. The independent nation-states were therefore expected to comply fully with the obligations of the Bretton woods system. It was the first system comprised of an entirely initiated monetary order which was aimed at governing the monetary relations among the chosen independent nations. The Bretton Woods Agreement was signed and sealed in July 1944 in Bretton woods, New Hampshire and the United States.
The agreement was made to assist in reconstructing the world economic system which was destroyed by the raging World War 11. The representatives included 730 delegates from the 44 allied nations who gathered in the United Nations Monetary and Financial Conference. With a common concern, they deliberated upon the Bretton Woods Agreement. (Van, 1978) In regards to the Bretton woods agreement, the developed nations agreed over the US vision of improving the international economic systems.
This was possible through integrating currencies such that a single currency system was in use. The system, therefore, was designed basically for the purpose of establishing, controlling and sustaining an international monetary system that could allow for easy trading transactions within the nations. This also aimed at fostering free flow trade ventures and eliminating the discriminatory trade barriers to ensure the free flow of capital. The US dollar was the currency to be used by all nations which were reallocated through international trade transactions.
(Senior Official of the Bank of England, 1944) During this venture, the International Monetary Fund and the International Bank for Reconstruction and Development were established with the aim of planning and managing the entire project.
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