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The Bretton Woods System as the Cornerstone of the United States' Hegemony

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  • Agnes Solti

    (Magyar Nemzeti Bank)

Abstract

The Bretton Woods agreement was the most important milestone in the development of the financial system that characterised the new world order after the Second World War. Amidst the ongoing war, on 1 July 1944, 730 representatives from 44 Allied countries met at Bretton Woods to lay the foundations for a new international monetary regime after the end of the global conflict. It also meant a significant strengthening of the United States of America and the consolidation of the economic foundations of the Pax Americana. In this flashback, we focus on the shaping of US interests, the details of the Keynes-White debate and the long-term effects of the Bretton Woods system.

Suggested Citation

  • Agnes Solti, 2024. "The Bretton Woods System as the Cornerstone of the United States' Hegemony," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 23(2), pages 186-204.
    • Handle: RePEc:mnb:finrev:v:23:y:2024:i:2:p:186-204
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    1. Roger Vicquéry, 2022. "The Rise and Fall of Global Currencies over Two Centuries," Working papers 882, Banque de France.
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