Dolphins Essay Example | Topics and Well Written Essays - 750 words

Dolphins - Essay Example Another factor was that pent-up consumer spending from the Great Depression and war exploded into a period of economic dynamism that propelled American hegemony. 2. The Bretton Woods System is a landmark contribution to the world economy. In the mid-20th century this system worked as a means of establishing the rules and financial regulations for the world’s major industrialized countries. Major independent nations met in Bretton Woods in 1944 and agreed to establish a number of major institutions. Among these institutions are the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD) (Boyer). The system required world nations to adopt a exchange rate that tied their currency to the US dollar, allowing the IMF the ability to correct transitory payment imbalances. 3. 1968-1971 witnessed the decline of Bretton Woods System. The decline of the Bretton Woods System was greatly linked to United States currency policy changes. While during the establishment of Bretton Woods the United States had been the unchallenged hegemonic power, by the late 1960s Japan and Europe had both gained considerable economic clout. Another factor was that the Vietnam and Cold War increasingly made the United States position as the world’s central banker untenable (Boyer). In the early 1970s the United States went off the gold standard in what has been termed the Nixon Shock, effectively ending this early period of Bretton Woods. 4. 1968 experienced worldwide revolutions that posed significant challenges to modern capitalism and communism. In large part the children of this era grew up in an environment where they had ready access to television with global reach. The ability to look into foreign nations engendered an environment of self-reflexivity and the 1968 protests were the incarnation of these changing perspectives (Boyer). Both capitalist and communist nations experienced these protests. While not