Question

Which event resulted in the end of the Bretton Woods system?
A. The United States decided to abandon the gold standard.
•
B. The Great Depression devastated economies around the world.
•
C. The United States experienced the second Industrial Revolution.
• D. Countries around the world tied their currencies to the U.S. dollar.

Answer 1

The event that led to the termination of the Bretton Woods System was the decision of the US country to abandon the gold standard.

Option A is the correct answer.

What was the Bretton Woods system?

The Bretton Woods system was the framework of principles and policies that governed the foreign currency exchange rates.

In the year 1971, the president of the US named Richard Nixon had revoked the changing of US dollars into gold. This marked the collapse of the Bretton Woods system and made the dollar currency to be a government-approved currency. After this, many of the currencies of the US country became freely floating ones.

Therefore, the abandoning of the gold standard by the US country led to the end of the Bretton Woods system.

Learn more about the Bretton Woods system in the related link:

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