23 May Bretton Woods and a new economic system
The concept of a post- WWII free-market framework was fulfilled at the Bretton Woods Conference in July 1944, where—with 45 national delegations in attendance—the United States and its allied planners prepared for the establishment of a freer and more open international economic system. This was seen as critical to the new order they were determined to construct from the ashes of history’s most horrific conflict. Fundamentally, the Bretton Woods system provided a stable infrastructure for the rise of a post-WWII global market economy; it embodied the belief that nations with interconnected economic interests seek cooperation and avoid any conflict that might damage their own interests by disrupting their supply chains and the global economy.
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