History of the International Economy: The Bretton Woods System and its Impact on the Economic Development of Developing Countries

Abstract

The Bretton Woods conference held in July 1944 resulted in the creation of the World Bank (WB), the International Monetary Fund (IMF), and International Trade Organisation (ITO).It was primarily formed, in the words of John Maynard Keynes, to seek "a common measure, a common standard, a common rule applicable to each and not irksome to any."This article will examine this assertion in the light of Bretton Woods's system as a shift from the implied conventional-based economic cooperation of global states, to a rule-based multilateral economic cooperation of global communities.

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