Assignment:
In this paper, you will trace several major international economic events beginning with the aftermath of World War II and ending with the current time. In your discussion, describe each event and its lasting impact on the world economy, particularly how it affected international monetary relations. Be sure to touch on how each event led up to the current high price of oil.
Your analysis should include the following events:
• The Bretton Woods decision of 1944. Include a discussion about what happened to the Gold Standard at this conference. Be sure to touch on the creation of the IMF. Also describe pegging and consider how pegging affected oil prices.
• The 1971 lift of the pegged status of world currencies. Discuss why the Bretton Woods system ended at this time and what the economic effects were of the system ending.
• The 1973 oil embargo. Discuss the various causes of the oil embargo and how it relates to the ending of the Bretton Woods system. Also include a discussion of the effects of the embargo on trading policy and the world economy.
• The 2008 oil crisis. Discuss the economic causes of the oil crisis and its effects on the global economy, many of which are continuing today.