Bretton Woods, New Hampshire in the context of "Bretton Woods Agreement"

⭐ In the context of the Bretton Woods Agreement, what was a primary goal of establishing a system where countries guaranteed the convertibility of their currencies to U.S. dollars?

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⭐ Core Definition: Bretton Woods, New Hampshire

Bretton Woods is an area within the town of Carroll, New Hampshire, United States, whose principal points of interest are three leisure and recreation facilities. Being virtually surrounded by the White Mountain National Forest, the vista from Bretton Woods toward Mount Washington and the Presidential Range includes no significant artificial structures other than the Mount Washington Cog Railway and the Mount Washington Hotel.

Bretton Woods was the site of the United Nations Monetary and Financial Conference in 1944 which has given its name to the Bretton Woods system and led to the establishment of both the World Bank and the International Monetary Fund in 1945. The Bretton Woods system ended in 1971.

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Bretton Woods, New Hampshire in the context of Bretton Woods Conference

The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 allied nations at the Mount Washington Hotel, in Bretton Woods, New Hampshire, United States, to regulate what would be the international monetary and financial order after the conclusion of World War II.

The conference was held from July 1 to 22, 1944. Agreements were signed that, after legislative ratification by member governments, established the International Bank for Reconstruction and Development (IBRD, later part of the World Bank Group) and the International Monetary Fund (IMF). This led to what was called the Bretton Woods system for international commercial and financial relations.

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Bretton Woods, New Hampshire in the context of Bretton Woods system

The Bretton Woods system of monetary management established the rules for commercial relations among 44 countries, including the United States, Canada, Western European countries, and Australia, after the 1944 Bretton Woods Agreement until the Jamaica Accords in 1976. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent states. The Bretton Woods system required countries to guarantee convertibility of their currencies into U.S. dollars to within 1% of fixed parity rates, with the dollar convertible to gold bullion for foreign governments and central banks at US$35 per troy ounce of fine gold (or 0.88867 gram fine gold per dollar). It also envisioned greater cooperation among countries in order to prevent future competitive devaluations, and thus established the International Monetary Fund (IMF) to monitor exchange rates and lend reserve currencies to countries with balance of payments deficits.

Preparing to rebuild the international economic system while World War II was still being fought, 730 delegates from all 44 Allied countries gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire, United States, for the United Nations Monetary and Financial Conference, also known as the Bretton Woods Conference. The delegates deliberated from 1 to 22 July 1944, and signed the Bretton Woods agreement on its final day. Setting up a system of rules, institutions, and procedures to regulate the international monetary system, these accords established the IMF and the International Bank for Reconstruction and Development (IBRD), which today is part of the World Bank Group. The United States, which controlled two-thirds of the world's gold, insisted that the Bretton Woods system rest on both gold and the US dollar. Soviet representatives attended the conference but later declined to ratify the final agreements, charging that the institutions they had created were "branches of Wall Street". These organizations became operational in 1945 after a sufficient number of countries had ratified the agreement. According to Barry Eichengreen, the Bretton Woods system operated successfully due to three factors: "low international capital mobility, tight financial regulation, and the dominant economic and financial position of the United States and the dollar."

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Bretton Woods, New Hampshire in the context of Mount Washington Hotel

The Omni Mount Washington Resort is a historic luxury resort hotel in Bretton Woods, New Hampshire, United States, near Mount Washington. It was designed by Charles Alling Gifford. In 1944, it hosted the Bretton Woods Conference, which established the International Monetary Fund and the World Bank. It is a member of Historic Hotels of America, the official program of the National Trust for Historic Preservation.

The area, part of the town of Carroll, New Hampshire, includes the Bretton Woods ski resort nearby. It is located at the northern end of Crawford Notch, 6 miles (10 km) east of the village of Twin Mountain along U.S. Route 302.

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Bretton Woods, New Hampshire in the context of Carroll, New Hampshire

Carroll is a town in Coös County, New Hampshire, United States. The population was 820 at the 2020 census. The two largest villages are Twin Mountain and Bretton Woods. Carroll is an important access point for recreational areas in the White Mountains, including many 4,000-footers, the Zealand River area, the Presidential Range, and the Presidential Dry River Wilderness. The town is home to the Mount Washington Hotel at Bretton Woods and to the Highland Center at Crawford Notch, the Appalachian Mountain Club's four-season lodge.

Carroll is part of the Berlin, NH-VT Micropolitan Statistical Area.

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Bretton Woods, New Hampshire in the context of Bretton Woods Mountain Resort

Bretton Woods Mountain Resort is a ski area located in Bretton Woods, New Hampshire, across from the Mount Washington Hotel, which owns it.

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