ABSTRACT
The exchange rate system which dominated the 1950s and 1960s was evolved during the war and came into force despite the plethora of wartime controls which persisted as the major industrialised countries sought to restructure themselves onto a balanced peace time footing and to repair and replace assets that had been damaged or destroyed. It is a tribute to the thought which went into these arrangements that they came into force and endured so long. The system was set up at an international conference at Bretton Woods, New Hampshire in the United States during July 1944 after two years of development, principally between Keynes and others in the United Kingdom and Harry Dexter White from the US Treasury.
