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The Bretton Woods System is a system of regulations about international monetary operations established during the later part of World War II. It specified the commercial and financial relations between the member states which were the major industrialized nations of this day.

The Bretton Woods System was the first internationally negotiated economic system. It created a certain order that managed the monetary relations between its participating nation states. This system existed form the end of the war till the early 1970s.

Its name derives from the name of the hotel where the meeting took place- Mount Washington Hotel in Bretton Wood, Ne Hampshire, the United States. 730 delegates from 44 Allied nations came together to come up with a plan for the restoration of the war-torn global economy. This was an unprecedented international event where nations for the first time agree on so far reaching agreements that would control the trade of currencies.

The Bretton Woods Agreements stipulated a system or rules, regulations and mechanisms for the regulation of the global monetary system. Furthermore, transnational organizations such as the International Monetary Fund (IMS), the International Bank for Reconstruction and Development (IBRD) were formed.

The agreements stated that every signing nation agrees to maintain its currency exchange rate within a certain range- plus or minus one percent, in relation to the price of gold which was in tern fixed with the price of the American dollar. The convertibility of the dollar to gold had to be insured by the United States. The IMD was the authority to deal with temporary imbalances in the system.

The system was ended with the Nixon Shock. The administration of this American president decided to unilaterally cancel the convertibility of the American dollar into gold. With this action he actually ended the Bretton Woods Agreements. This event was due to growing inflation in the country as well as growing trade deficit.

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