Bretton Woods Conference
Definition
The Bretton Woods Conference was a meeting of 44 Allied nations in 1944, held in Bretton Woods, New Hampshire, USA. The conference aimed to establish a framework for international economic cooperation after World War II.
Analogy
Think of the Bretton Woods Conference as a group of friends coming together after a big fight (World War II) to set some ground rules and ensure they can play nicely together in the future. They're setting up systems to make sure everyone has enough resources and that no one is left out.
Related terms
Gold Standard: A monetary system where a country's currency or paper money has a value directly linked to gold. This was abandoned by most countries during the course of the 20th century.
Exchange Rate: The value of one nation's currency versus the currency of another nation or economic zone.
United Nations Monetary and Financial Conference: Another name for the Bretton Woods Conference.
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