bretton woods system

the bretton woods system was basically the post war attempt to make the global economy less chaotic.

in 1944, countries agreed to tie their currencies to the us dollar, while the dollar itself was tied to gold. it also helped create the imf and world bank.

the system fell apart after the us stopped converting dollars into gold in 1971, but its biggest legacy is still everywhere: the dollar became the center of the global financial system.