international business

Immediately after Second World War, around 730 delegates from 44 major industrial states assembled Mount Washington Hotel in Bretton Woods, New Hampshire, United States, during the initial three weeks of July 1944, in order to establish rules for strengthening financial and trade cooperation among industrialized states. Before, the conference at Bretton Woods, there was no formal rules which controls or regulates the international trade activities between countries. The establishment of International Monitory Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), were the major contributions of Bretton Woods conference. IMF and IBRD became operational in 1945 and IBRD is currently the part of World Bank. Bretton Woods conference asked the countries to adopt a