Critically assess the role that the Bretton Woods System played in the international economic order.

The Bretton Woods system is commonly known to refer to the international monetary regime that prevailed from the end of World War II until the early 1970’s. Taking its name from the site of the conference where it was held in 1944 at the American resort village of Bretton Woods, New Hampshire. The delegates met to discuss the post war recovery of Europe as well as a number of monetary issues such as unstable exchange rates and protectionist trade policies. The Bretton Woods System proved to be history’s first example of a fully negotiated monetary order intended to govern currency relations among sovereign states and to promote the smooth functioning of the international monetary system. Through doing this it was intended to encourage international trade and support high rates of sustainable economic growth, a needed change from the 1930’s when many of the world’s major economies had unstable exchange rates and many nations were using restrictive trade policies. In the early 19...