Definition: The Bretton Woods system was a international monetary framework of fixed exchange rates after World War
II. Drawn up by the U.S. and Britain in 1944. Keynes was one of the
architects.
The Bretton Woods system ended on August 15, 1971, when President Richard Nixon ended trading of gold at the fixed price of $35/ounce. At that point for the first time in history, formal links between the major world currencies and real commodities were severed.(Econterms)
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