The Bretton Woods Agreement was an early monetary system that was in force from the mid 1940s to the early 1970s. The Bretton Woods Agreement was made between the major industrial nations in 1944 and named after the New Hampshire town in which it was created. Bretton Woods essentially served as an exchange rate mechanism with major currencies tradable for U.S. dollars. U.S. dollars were, in turn, convertible to gold at a set rate.
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