Bretton Woods Conference, the name commonly given to the United Nations Monetary and Financial Conference held in Bretton Woods, New Hampshire, in 1944. Representatives from 44 countries met to establish measures to help stabilize and strengthen the world monetary and financial system. As part of the Bretton Woods Agreement drawn up at the conference, a new international monetary system was set up based on the gold-exchange standard. Gold was valued at 35 United States dollars per ounce (28.35 g), and other currencies were valued in terms of the dollar. This system collapsed in the early 1970's, when the United States and other countries abandoned the gold standard.
The Bretton Woods Agreement established two organizations—the International Bank for Reconstruction and Development (World Bank) and the International Monetary Fund (IMF)—to strengthen the global economy and encourage international trade.