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The agreement came to be signed by 44 countries and was aimed at avoiding the inter-war problems of protectionism, competitive devaluations, outflows of currency and unstable exchange rates. The idea was that financial stability would promote international trade and this in turn would promote peace. To avoid inflexible gold standard rates, there was a basic fixed rate by which the US dollar was tied to gold to give stability and to establish a sound reserve currency. But there was the ability of countries to use a new International Monetary Fund to go beyond their quota to provide stimulus to prevent mass unemployment and depression. It took fifteen years for the new system to establish itself and did lead to some problems. There was a tendency of governments to pursue ‘stop –go’ policies, alternating between using the opportunity for expansionism not available in a more rigid gold standard system and then having to pursue austerity policies to protect the value of their currency. 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The Bretton Woods agreement arose from a conference in 1944 organised by the US Treasury. The agreement came to be signed by 44 countries and was aimed at avoiding the inter-war problems of protectionism, competitive devaluations, outflows of currency and unstable exchange rates. The idea was that financial stability would promote international trade and this in turn would promote peace. To avoid inflexible gold standard rates, there was a basic fixed rate by which the US dollar was tied to gold to give stability and to establish a sound reserve currency. But there was the ability of countries to use a new International Monetary Fund to go beyond their quota to provide stimulus to prevent mass unemployment and depression. It took fifteen years for the new system to establish itself and did lead to some problems. There was a tendency of governments to pursue ‘stop –go’ policies, alternating between using the opportunity for expansionism not available in a more rigid gold standard system and then having to pursue austerity policies to protect the value of their currency. As the US was the reserve currency it was not subject to this and there was a gap between the US position and the rest of the world. The holding of dollars was also a problem for the US and by 1964 US gold stock was less than its dollar liabilities through the world. The US had to put pressure on other nations not to convert their dollars into gold and had to make great efforts to keep the price of gold down to the 1944 level of $35 an ounce, the system had depended on the value of the $ being reasonably stable but a big rise in inflation in the US after 1965 undermined this and in 1971 Nixon took the US off the gold standard and the Bretton Woods system came to an end.

The agreement created two major international financial institutions the IMF and the World Bank. It was remarkable for the fact that 44 nations agreed to maintain stability and that the system lasted so long. It put the US at the centre of the western world in terms of economic stability and the key element was the US gold standard. However, the hopes were not entirely realized. It took a long time to become operative and far from being a period of international cooperation and global order, the years of the agreement showed the difficulties of creating an international order that encouraged free trade while also allowing nations to pursue policy goals involving domestic spending. Economies at varying levels of competitiveness and with trade surpluses that involved heavy dollar holdings led to imbalance. There was also resentment at the central position of the US and fears that US devaluation would erode the value of dollar holdings – but conversion into gold would go against US interests, so there was increasing tension. Thus while the agreement increased US influence and put it at the centre of plans for a more stable world economy from which it could benefit it also increased its responsibilities in promoting trade and prosperity and led it to problems in tis economic relations with other countries.

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Assess the importance of the Bretton Woods agreement of 1944 for the United States.

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2021 - F/M - 9489/42 | Q4

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