In 1944 the victorious countries of World War II were invited to Bretton Woods, New Hampshire to decide the postwar world economic order and the architecture of the international monetary system. They created organizations that promote international cooperation and open markets on the basis of generally accepted rules (IMF, World Bank, World Trade Organization). The liberal world order that led to post-war global prosperity replaced the economic nationalism that turned the crash of 1929 into a deep, protracted recession with the imposition of tariffs and successive devaluations. At the heart of the system was the dollar, which remains the dominant currency today. Much of world trade is invoiced and paid for in dollars, even between third countries, and the dollar dominates international financial transactions.

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