the two variables necessary for the Bretton woods system to work are
If the US did not have a balance-of-payments deficit
If the US inflation rate remained low
The Bretton Woods system found its political foundation in the fusion of two critical conditions: the shared experiences of two World Wars, with the sense that the inability to deal with economic difficulties after the first war had led to the second; and the concentration of authority in a small number of states.
Following the 1944 Bretton Woods Agreement, the Bretton Woods system of monetary management established the regulations for commercial and financial relations among the United States, Canada, Western European countries, Australia, and Japan. The Bretton Woods system was the first fully negotiated monetary order designed to govern financial relations between independent states.
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