choose one question only please.
1) What are the key features of the Bretton Woods System? How are they related to the domestic transformation of capitalism in advanced capitalist countries?
2) How was Bretton Woods integral to the specific world order that was implemented after the second world war?
On the basis of its victory in World War II, the rise of Fordism and the transnational corporation, the United States was the undisputed leader of the post-war world (except for the state socialist countries). American leadership was anchored in the Bretton Woods agreements on the international monetary system (centred on the dollar) and in the drive to liberalise trade. Its economic success allowed the US to become the arsenal of the West. The oil and debt crises of the 1970s however threw this order into crisis, the US incurred trade and payments deficits and the gold-dollar standard was abandoned. This week, in particular, we focus on the monetary regime that came to be associated with Bretton Wood. In doing so, we reflect on the conditions which made it possible to set up an international structure of governance.
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