What Was Considered an Achilles' Heel of the Bretton Woods

question 118

Multiple Choice

What was considered an Achilles' heel of the Bretton Woods system?

• A)It could be wrecked by heavy borrowings from the World Bank and IMF.
• B)It could not work if the U.S.dollar was under speculative attack.
• C)It could not help countries in a situation of fundamental disequilibrium.
• D)It forced monetary discipline on participating nations.

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Definitions:

Exploitation

The difference between what workers are paid and the wealth they create for the owner.

Inequality

The unequal distribution of resources, rights, and opportunities among individuals or groups in a society.

Marx

Refers to Karl Marx, a 19th-century philosopher, economist, and social scientist whose work in economics laid the foundation for much of the current understanding of labor and its relation to capital.

Social Contract

The social contract is a theory in political philosophy suggesting that people live together in society in accordance with an agreement that establishes moral and political rules of behavior.