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reintegration of domestic economies.The design encompassed three elements.First, its structure was formal and institutional, based on an interlinked set of international treaties and institutions.Second, it assumed closed national financial markets, with limited capital flows, but open markets for trade in goods.Third, relationships among closed national systems were structured through an international institutional framework.5Institutionally, the Bretton Woods system included three interlinked international organizations:the International Monetary Fund ("IMF"), the World Bank, and the International Trade Organization ("ITO").However, the Bretton Woods system as designed never actually functioned: the ITO was still-born 6 (though ultimately reincarnated as the World Trade Organization ("WTO") in 1994 after fifty years in the limbo of the General Agreement on Tariffs and Trade ("GATT")).Likewise, the role of the World Bank was quickly usurped in many ways, first by the bilateral efforts of the United States through the Marshall Plan and related reconstruction initiatives, and later by the European Community with its aid programs for Southern and Eastern European countries, leaving the World Bank to focus on developing (often post-colonial) countriesthe role it continues to play today.Nonetheless, the design for monetary relations, with the IMF at the center of a system of fixed exchange rates based on the U.S. dollar and its link to gold, did functionarguably quite welluntil the early 1970s.Since the end of the Bretton Woods international monetary system in 1973, financial markets have changed dramatically through a process of liberalization, internationalization, and globalization, undergirded by incredible technological changes.Fifty years after the creation of the Bretton Woods system, the deficiencies of the existing international institutions and arrangements (the "international financial architecture") in dealing with this changed nature came dramatically to light through the Mexican, East Asian, and other financial crises that followed.Since that time, the IMF, World Bank, and WTO gradually have been forced to come to grips with the increasingly globalized nature of 5 See generally 1-2
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