The Bretton Woods System was dismantled in the early 1970s when the U.S. dollar was devalued by the Nixon Administration and the gold convertibility of the dollar was suspended.

Question

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The Bretton Woods System, established in 1944, was effectively ended in 1971 when President Nixon suspended the gold convertibility of the U.S. dollar, leading to a regime of floating exchange rates.

The Bretton Woods System Was Dismantled in the Early 1970s