(Originais Teachy 2023) - Question Very Hard of Geography

During the Bretton Woods Conference in 1944, the United States proposed the creation of a new international economic system post-World War II. This system largely followed the idea of a 'gold-dollar', where the U.S. dollar would be convertible to gold at a fixed rate. The Bretton Woods Agreement promoted monetary stability and economic growth among nations, as well as establishing institutions such as the International Monetary Fund (IMF) and the World Bank. However, the system faced challenges and in 1971, U.S. President Richard Nixon suspended the dollar's convertibility to gold, effectively ending the gold standard. Considering this context, answer: 1) What was the impact of suspending the dollar's convertibility to gold on the international economic system and the organization of national economies? 2) Evaluate the long-term implications of this event for international economic policy and the autonomy of Nation-States in managing their economies.