RG

IN CONTEXT

FOCUS

Global economy

KEY EVENT

The Bretton Woods agreements are signed in New Hampshire, in July 1944.

BEFORE

1930s The world economic system collapses during the Great Depression, and cooperation between economies breaks down.

1944 John Maynard Keynes publishes his plans for an “international currency union” to regulate world trade.

AFTER

1971 President Nixon cuts the link between the dollar and the price of gold, ending the Bretton Woods system.

2009 The Bank of China says the dollar is unable to act as a credible reserve currency because of conflicts between the US’s domestic and international policies.

The gold standard was a monetary system ...

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