Term of Art: Bretton Woods

Bretton Woods: Town in New Hampshire, USA, where representatives of 28 nations attended a financial conference called by Pres. Roosevelt in July 1944 to organize a system of international monetary cooperation in order to prevent financial crashes like those in the interwar period which triggered the 1930s depression. It was agreed that participants would establish a World Bank to provide credit for countries that required finance for major projects. An International Monetary Fund (IMF was also set up for the purpose of operating cash reserves available to members facing balance of payments deficits).”

Excerpted from: Cook, Chris. Dictionary of Historical Terms. New York: Gramercy, 1998.

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