Define the international Monetary System and the Bretton Woods System.

International Monetary System and the Bretton Woods System were the results of post-war economic conditions. In 1944, Bretton Woods System was adopted in the presence of representatives from forty-four countries, at Bretton Woods, New Hampshire.

• It introduced a dollar-based economic system by replacing a gold-based system.

• Decision-making authority was given to Western industrial power

•IMF was given the task to settle the balance of surplus and shortage of economy of its member nations.

• World Bank was established and it started its function from 1947 to make all financial reconstruction.