# Bretton Woods
The *Bretton Woods system* is the international monetary convention by the 1944 Bretton Woods Agreement. The Bretton Woods system was the first example an an international and negotiated order intended to establish a means of doing international monetary relations among independent states. The Bretton wood system was based on the [gold standard](gold-standard.md) and establish the [dollar](dollar.md) as a the international [reserve-currency](reserve-currency.md).

In 1971 the United States terminated convertibility of the US dollar to [gold](gold.md), removing the United States from the gold standard and transitioned to a pure *fiat money* system. This ended the Bretton Woods system. 

## References
1. Steil, Benn. The Battle of Bretton Woods. Princeton University Press, 2013.
1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
