In other words every nation wanted to find ways to ensure a stable global monetary system and an open world trading system. They decided to go about all this by creating what is called "the Bretton Woods system". .
This system originated from a 1944 conference at Bretton Woods, New Hampshire, and was brought together on the initiative of U.S. President Franklin D. Roosevelt . The participants in this conference created three organizations to help regulate the international economy. The first is the International Monetary Fund (IMF), which was established with the idea of regulating monetary policy. As desired, the IMF is known for balancing out exchange rates and loaning money out to help stabilize other countries with balance of payments deficits. The second organization established was the General Agreement on Tariffs and Trade (GATT) whose main focus was on a laissez-faire trading order. Their mission was to reduce trade barriers on manufactured goods. This would impose a sense of fairness between countries in that each was required to impose the same low tariffs on each other's imports. The third and final organization sponsored by Bretton Woods is the World Bank. The World Bank's most ambitious aim was the fostering of economic development. This is accomplished through loans to struggling countries. In addition to the World Bank, the International Finance Corporation was held to provide loans to corporations who are seen to help aide in poor countries" development. These three organizations within the Bretton Woods agreement captured the cooperation of the global community due to the one thing they all found in common: a commitment to a laissez-faire market and economic freedom. .
However, both the Bretton Woods Institutions and the United Nations have come under increased scrutiny and criticism over the past several years. Starting with the Bretton Woods system; the IMF, the World Bank, and the GATT were created to address the global problems of the 1920s and 1930s, not the problems we face today.
