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Bretton Woods Conference

Definition

The Bretton Woods Conference refers to a meeting held in 1944 where delegates from 44 countries gathered to establish a new international monetary system after World War II.

Analogy

Imagine the Bretton Woods Conference as a big party where representatives from different countries got together to create a new set of rules for the global economy, just like when you and your friends come up with new rules for a game during a sleepover.

Related terms

IMF: The International Monetary Fund (IMF) is an organization established at the Bretton Woods Conference that aims to promote global economic stability and provide financial assistance to member countries facing balance of payments problems.

World Bank: The World Bank is an international financial institution also created at the Bretton Woods Conference. It provides loans and grants to developing countries for development projects such as building infrastructure, reducing poverty, and promoting education.

Balance of Payments: Balance of payments refers to the record of all economic transactions between one country and the rest of the world over a specific period. It includes trade in goods and services, investment flows, and transfers like foreign aid.