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Name of author: International Business The conference at Bretton Woods Immediately after Second World War, around 730 delegates from 44 major industrial states assembled Mount Washington Hotel in Bretton Woods, New Hampshire, United States, during the initial three weeks of July 1944, in order to establish rules for strengthening financial and trade cooperation among industrialized states.
IMF and IBRD became operational in 1945 and IBRD is currently the part of World Bank. Bretton Woods conference asked the countries to adopt a monetary policy in accordance with the exchange rates of American dollar in order to connect the temporary imbalances of payments and to conduct international trade in an efficient manner. Since foreign trade affects the standard of life of every people, all countries have a vital interest in the system of exchange of national currencies and the regulations and conditions which govern its working. Because these monetary transactions are international exchanges, the nations must agree on the basic rules which govern the exchanges if the system is to work smoothly. When they do not agree, and when single nations and small groups of nations attempt by special and different regulations of the foreign exchanges to gain trade advantages, the result is instability, a reduced volume of foreign trade, and damage to national economies. This course of action is likely to lead to economic warfare and to endanger the world's peace (CONFERENCE AT BRETTON WOODS) The interests of different nations could be different while they perform international trade activities. ...
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