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The priority was to create an international monetary system to ensure that international trade and consequently pro- duction would not be impeded by a lack of a trusted medium of exchange and means of payment, as it had been in the period between the two world wars.
Free trade, made possible by the new international monetary system, also enabled the global expansion of the large powerful US corporations, which was also encouraged and supported by the US state.
The Bretton Woods international monetary system was difficult to manage, but this was not the main reason for its disintegration in the early 1970s.
3 The gold standard (late nineteenth century-1914) was an unplanned international monetary system in which the gold-sterling exchange rate, maintained by the Bank of England, was ad- opted by other countries which pegged their currencies to sterling and consequently to gold at the fixed price.
Bretton Woods international monetary system
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