Briefly Describe How the Bretton Woods System Worked

question 68

Essay

Briefly describe how the Bretton Woods system worked. What advantages did it have over the gold standard? What problems did the Bretton Woods system eventually encounter?

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Definitions:

Triglyceride

A type of fat found in blood, made of three fatty acids attached to a glycerol backbone, stored in adipose tissue.

Lecithin

A fatty substance found in plant and animal tissues, acting as an emulsifier in food products.

Long-chain Alcohols

Alcohols containing a long chain of carbon atoms, typically more than twelve, used in detergents, emulsifiers, and solvents.

Fatty Acids

Long-chain hydrocarbon molecules with a carboxylic acid group, important as sources of energy and as components of cell membranes.