The establish the Bretton woods system from 1944, The IMF and the world bank and the general agreement tariffs and trade

The importance of the Bretton woods agreement of 1944 for the United state?

Global Influence: Bretton Woods cemented the United States' role as a global leader by fostering cooperation and economic interdependence among Western nations. This helped strengthen alliances and promote U.S. interests in the Cold War era. The agreement made the U.S. dollar as the world's reserve currency, giving the United States considerable leverage in the global financial system. This allowed the U.S. to borrow at lower interest rates and exert significant influence on international economic policies. The relatively strong dollar under Bretton Woods initially made U.S. exports cheaper in global markets, giving American businesses a competitive advantage. This contributed to strong trade balances and industrial expansion in the early years. Post-war Reconstruction: The agreement facilitated the creation of the International Bank for Reconstruction and Development (IBRD), later known as the World Bank, which provided capital for rebuilding war-torn nations in Europe and Asia. This helped stabilize the global economy and further solidified U.S. influence in these regions. However - Lead to the Nixon Shock, coming off the gold standard made other country with US currency as their reserve unable to exchange them for gold. This causes a lost in confidence in US as the global revsese current currency.

What is GATT (General Agreement on Tariffs and Trade)?

It goals is to promote trades all over the world.

When did it happen?

July 1, 1944

What did it result in?

The Nixon Shock

What was Bretton woods?

international agreement and arrangement for countries to fix their currencies against the dollar, which was fixed and convertible into gold.