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730 delegates from the 44 Allied nations were preparing to rebuild the international economic system while World War II was still raging, and gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire, USA, for the United Nations Monetary and Financial Conference, also known as the Bretton Woods Conference. Delegates debated from 1 to 22 July 1944 and signed the Bretton Woods Agreement on its final day. The creation of a system of rules, institutions, and procedures for regulating the international monetary system created the IMF and the International Bank for Reconstruction and Development (IBRD), now part of the World Bank Group. The United States, which controlled two-thirds of the world`s gold, insisted that the Bretton Woods system be based on both gold and the U.S. dollar. Soviet representatives attended the conference, but later refused to ratify the final agreements and lamented that the institutions they created were “branches of Wall Street.”  These organizations began their work in 1945, after a sufficient number of countries had ratified the agreement. The Bretton Woods conference had three main outcomes: (1) Article of the agreement establishing the IMF, the purpose of which was to promote the stability of exchange rates and financial flows. (2) Articles of the Treaty establishing the IBRD, the aim of which was to accelerate reconstruction after the Second World War and to promote economic development, in particular through loans for the construction of infrastructure. (3) Other recommendations on international economic cooperation. These agreements and recommendations were included in the Final Act of the Conference.
As chief international economist at the U.S. Treasury in 1942-1944, Harry Dexter White designed the United States. International liquidity access plan, which competed with Keynes` plan for the British Treasury. Overall, White`s scheme tended to favour incentives to bring price stability to global economies, while Keynes wanted a system that promoted economic growth. The “collective agreement was a huge international undertaking” for which it was prepared two years before the conference. These were numerous bilateral and multilateral meetings to find common ground on the policy of the Bretton Woods system. The need for a post-war Western economic order was resolved by the agreements on monetary order and the open trading system at the Bretton Woods Conference of 1944. These helped to synthesize the United Kingdom`s desire for full employment and economic stability and the United States` desire for free trade. The Bretton Woods system of linked exchange rates lasted until the early 1970s. On December 17 and 18, 1971, the Group of Ten, which met at the Smithsonian Institution in Washington, D.C., created the Smithsonian Agreement that devalued the dollar at $38/ounce with trade bands of 2.25% and attempted to balance the global financial system with SDRs alone.
It failed to impose discipline on the US government, and in the absence of another credibility mechanism, the pressure on the gold dollar continued. Lord Moulton insists on the word “contract”. In Shanklin and Wells, the courts found that ancillary contracts flowed implicitly from the facts of the case in question. . . .