Bretton Woods Committee
The Bretton Woods Committee was a group of people who got together in 1944 to talk about how countries all over the world can work together to help make the economy better. They talked about how different countries can trade with each other and how they could use money to do it. Imagine you have a toy that you want to trade with your friend, but you both need some kind of token or money that you both agree has value, like a trading card. That's what the Committee talked about, but on a much larger scale with different countries using different currencies.
They came up with a plan that said every country should agree on what their money is worth compared to other countries, and they came up with a bunch of rules about how much money countries could make and how much they could spend. This plan was called the Bretton Woods Agreement.
The Bretton Woods Committee also helped make something called the International Monetary Fund (IMF), which is like a big bank that helps countries when they have problems with their money. The IMF can lend money to a country that is in trouble, but they also make sure that the country is doing everything they can to pay back the loan.
Overall, the Bretton Woods Committee was a group of smart people trying to figure out how to help different countries work together and help make the global economy better. They wanted to make sure everyone could trade fairly and nobody would be at a disadvantage.
They came up with a plan that said every country should agree on what their money is worth compared to other countries, and they came up with a bunch of rules about how much money countries could make and how much they could spend. This plan was called the Bretton Woods Agreement.
The Bretton Woods Committee also helped make something called the International Monetary Fund (IMF), which is like a big bank that helps countries when they have problems with their money. The IMF can lend money to a country that is in trouble, but they also make sure that the country is doing everything they can to pay back the loan.
Overall, the Bretton Woods Committee was a group of smart people trying to figure out how to help different countries work together and help make the global economy better. They wanted to make sure everyone could trade fairly and nobody would be at a disadvantage.