Out of the Woods

In a place called Bretton Woods, New Hampshire, the Allies met in 1944 to plan what the world would look like once WWII was over.  Victory was not assured, but it was clear that the cost of defeating Hitler would be devastating at best.  The goal of this conference was to devise how everyone would work together to prevent what everyone saw as the root problem of relentless war in Europe – economic Depression accelerated by national competition.  The system of currency exchanges was only partially successful, but the conference identified the need for the Marshall Plan, the IMF, and the World Bank.  Our modern financial world dates to this time.

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