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Bretton Woods Agreement

The Bretton Woods Agreement is an agreement made in 1944 at an international conference in a small New Hampshire town called Bretton Woods.

The Bretton Woods Agreement introduced a new international monetary system which stayed in effect between 1945 and 1971. In Bretton Woods, member countries agreed that the value of the U.S. dollar would correspond to the value of a certain amount of gold, and that they would peg their currencies to the U.S. dollar - thus indirectly pegging their currencies to gold.

Also see: gold standard

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