კონფერენცია

∘ Malkhaz Chikobava ∘
REASONS FOR THE BRETTON WOODS CONFERENCE AND THE BASIS FOR THE DOMINANCE OF THE US DOLLAR

Summary

The Bretton Woods theme never loses its relevance. Obviously, this is no accident. This year marks 75 years of age, and during this period many interesting materials have been collected that require understanding and synthesis. Despite the fact that from August 15, 1971, the Bretton Woods system is considered abolished, in our opinion, it still retains great importance.

If we take encyclopedia, vocabulary, or macroeconomic guidelines, we read that Bretton Woods is the conference at which the decision was made, on the basis of which the World Financial and Monetary System was created.

Obviously, this system did not originate from scratch, because for several centuries there existed a certain monetary system, which, as usual, calls the classical system of the gold standard, that is, the gold currency standard.

The textbooks usually say that there were several monetary and financial systems:

- There was a so-called Paris system.

- There was a Genoese system.

- Then the Bretton Woods system.

- And finally, now we live in the conditions of the Jamaican system.

In this case, the classification is tied to the names of conferences at which some decisions were allegedly made. In real life decisions are not made at such conferences. Solutions are prepared in advance. This is particularly evident in the example of the Jamaica Conference. This is especially evident in the example of the Jamaican Conference.

In general, it seems that some clever, and perhaps even brilliant people are gathering at such conferences like Bretton Woods, or the Jamaican monetary system, conduct some kind of brainstorming, and as a result of these brainwave attacks, is born some truth. And here, in fact, this truth is, and then all together vote for it, the only correct decision.

This is a completely false idea about the algorithm of events in the field of international finance.

This time our goal is to demonstrate the goal of the Bretton Woods conference, which historical preconditions made it happen on July 1 and July 22, 1944, and how the domination of the dollar was ensured.

Keywords: gold standard, fiduciary money, International Monetary Fund, World Bank, Balance of Payments, World War II, Second Front, Bretton Woods Conference.

Ivane Javakhishvili Tbilisi State University Paata Gugushvili Institute of Economics International Scientific C O N F E R E N C E S "ECONOMY – XXI CENTURY"

E ISSN 2587 - 4691	∘ Malkhaz Chikobava ∘ REASONS FOR THE BRETTON WOODS CONFERENCE AND THE BASIS FOR THE DOMINANCE OF THE US DOLLAR Summary The Bretton Woods theme never loses its relevance. Obviously, this is no accident. This year marks 75 years of age, and during this period many interesting materials have been collected that require understanding and synthesis. Despite the fact that from August 15, 1971, the Bretton Woods system is considered abolished, in our opinion, it still retains great importance. If we take encyclopedia, vocabulary, or macroeconomic guidelines, we read that Bretton Woods is the conference at which the decision was made, on the basis of which the World Financial and Monetary System was created. Obviously, this system did not originate from scratch, because for several centuries there existed a certain monetary system, which, as usual, calls the classical system of the gold standard, that is, the gold currency standard. The textbooks usually say that there were several monetary and financial systems: - There was a so-called Paris system. - There was a Genoese system. - Then the Bretton Woods system. - And finally, now we live in the conditions of the Jamaican system. In this case, the classification is tied to the names of conferences at which some decisions were allegedly made. In real life decisions are not made at such conferences. Solutions are prepared in advance. This is particularly evident in the example of the Jamaica Conference. This is especially evident in the example of the Jamaican Conference. In general, it seems that some clever, and perhaps even brilliant people are gathering at such conferences like Bretton Woods, or the Jamaican monetary system, conduct some kind of brainstorming, and as a result of these brainwave attacks, is born some truth. And here, in fact, this truth is, and then all together vote for it, the only correct decision. This is a completely false idea about the algorithm of events in the field of international finance. This time our goal is to demonstrate the goal of the Bretton Woods conference, which historical preconditions made it happen on July 1 and July 22, 1944, and how the domination of the dollar was ensured. *Keywords:* gold standard, fiduciary money, International Monetary Fund, World Bank, Balance of Payments, World War II, Second Front, Bretton Woods Conference.