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... of disharmony during the 1930s let to the establishment of the Bretton Woods system after a NU's Conference that took place during July of 1944 at Bretton Woods, New Hampshire, USA. The objective of the conference was 'to discuss alternative proposals relating to post-war international payments problems put forward by the US, Canadian and UK governments. The agreement resulting from the conference led to the establishment of the International Monetary Fund and the International Bank for Reconstruction and Development', (Bannock, 1998). Although in his definition, Bannock (1998) mentions the establishment of the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), also called the World Bank. Bannock (1998) failed to mention the establishment of the International Trade Organisation (ITO) later scraped, and the General Agreement on Tariff and Trade (GATT) was developed in its place. After the Great World Wide Depression of the 1930s and the ...