The Bretton Woods conference in 1944 created the foundations of the modern global economy

Many years ago, the US dollar became the world's primary reserve currency

In 1944, 44 nations gathered in Bretton Woods, New Hampshire, to rebuild the global economy. The result? The US dollar became the world’s reserve currency, backed by gold.

Some scholars consider the Bretton Woods system one of the best foreign policy decisions in US history

A survey of historians by the Council on Foreign Relations ranked the creation of the Bretton Woods system among the top 10 foreign policy decisions in US history, highlighting its role in establishing postwar stability, prosperity, and decades of economic growth.

The Bretton Woods economic order was built on Keynesian principles

Keynesian economics suggests that governments should actively manage economies to prevent downturns, promote employment, and regulate markets. The Bretton Woods institutions were created based on this belief that coordinated public intervention could prevent the economic crises of the 1930s.

The IMF was created to prevent the currency crises that destabilized the 1930s global economy

Founded in 1945, the IMF monitors exchange rates, promotes financial stability, and provides emergency funding to countries that cannot pay for their imports. It currently has 191 member countries and acts as a lender of last resort for struggling economies.

British economist John Maynard Keynes originally proposed a global currency called the bancor

Keynes—one of the chief architects of the Bretton Woods system—proposed establishing a global central bank that would issue a new international currency, the bancor, to settle trade imbalances. The idea was rejected in favor of the US dollar serving as the main currency of the international system.

Critics argue that the World Bank, IMF, and WTO were designed to serve Western interests

Some analysts from developing nations argue that the Bretton Woods institutions were designed to reinforce Western economic dominance rather than to promote fair development for poorer countries. Supporters respond that these institutions have improved living standards worldwide.

The World Bank funds development in the world's poorest countries

Originally called the International Bank for Reconstruction and Development, the World Bank was established in 1944 to assist in rebuilding war-damaged countries and has since grown to finance long-term economic development worldwide.

How Stalin, Roosevelt, and Churchill shaped the postwar world

The Yalta Conference was a pivotal 1945 meeting between Allied leaders that helped shape the postwar global order and laid the groundwork for the founding of the United Nations.

The G20 emerged from the 1997 Asian financial crisis as a forum for managing the global economy

Established in 1999 and elevated to a leaders' summit during the 2008 financial crisis, the G20 now unites the world's largest economies to address issues that the Bretton Woods institutions were not designed to manage.

The failures of the interwar period made the case for a new international system

After World War I, countries devalued their currencies, raised tariffs to block imports, and seized territory unchecked, with the international community unable to organize effectively to stop them. The result was a global depression and, eventually, another world war.

The United Nations was founded in San Francisco in 1945

The 1945 San Francisco Conference brought together delegates from 50 nations to draft the United Nations Charter, laying the foundation for the UN. This archival footage from the UN captures the event's atmosphere, showcasing firsthand reactions and the global hope for peace after World War II.

Watch the historic treaty signing that established NATO in 1949

NATO was created with the signing of the North Atlantic Treaty on April 4, 1949, in Washington, DC. The clip embedded in the webpage includes a newsreel with an excerpt from US President Harry Truman’s speech celebrating the historic day.

The GATT and its successor, the WTO, were established to lower trade barriers

Signed in 1947, the General Agreement on Tariffs and Trade began systematically reducing tariffs and trade barriers among member nations. In 1995, it was replaced by the World Trade Organization, which expanded those rules and established a formal dispute settlement system.

The Federal Reserve Act's foundation was laid in a secretive meeting at the world's most prestigious club

Republican Sen. Nelson Aldrich of Rhode Island organized a highly secretive meeting of the minds at the world’s most prestigious club on Jekyll Island, Georgia, where a who’s who in the financial world hashed out details over the course of a week.

During the Cold War, the rules-based order was largely limited to the West

The Soviet Union and its allies operated outside the Bretton Woods institutions, meaning the postwar liberal order functioned as a regional rather than a truly global system. This changed with the USSR's collapse in 1991.

How World War II affects your wallet today

The world's deadliest conflict also impacted social programs extensively, including ways that still affect your money today. World War II is responsible for the practice of employers withholding tax payments and sponsoring health insurance, as well as the norm of providing school lunches for the nation's schoolchildren. Watch this brief video to learn more.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

Explore an interactive timeline of the most important moments in the WEF’s history

This interactive traces the World Economic Forum’s evolution from a small European meeting in the 1970s into a global power hub, highlighting pivotal moments in Davos, landmark speeches, and turning points that have shaped its outsized influence on world affairs.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

The Budget and Accounting Act of 1921 created the modern federal budget

Before 1921, federal funding was fragmented and ad hoc. This article traces how inefficiency and postwar pressures led Congress to pass the Budget and Accounting Act, creating a standardized, centralized federal budgeting process.

The origin of the National Science Foundation and why World War II led to its founding

Before World War II, research institutions were funded by endowments or private companies whose priorities stifled the curiosity-driven science that fueled significant breakthroughs and innovation. The NSF was established in 1950 to promote independent scientific progress through basic research, which is focused on knowledge acquisition rather than commercial applications, conducted at national colleges and universities.

Japan's 1990s deflation followed the country's fastest growth period

The end of World War II ended Japan's isolation in the global economy, prompting what's now called the "Japanese Economic Miracle." From the 1940s to the 1980s, Japanese policy makers enacted ultra-loose monetary policies that pushed a ton of cash into the market and fueled rapid growth. But these policies ultimately helped create a bubble and sent the country into a deep period of deflation.

How the British Empire transformed into today’s voluntary Commonwealth of Nations

This video explains how former British colonies—now independent states—evolved into the modern Commonwealth, a loose association representing nearly one-third of the world’s population. It traces the shift from imperial rule to a cooperative forum with no legal obligations to Britain or its monarch.

The Social Security Act was formed to protect retired workers amid the Great Depression

President Franklin Delano Roosevelt’s New Deal created new government agencies and programs in the wake of the Great Depression, including the Social Security Act.

Over time, the World Cup became a commercial powerhouse

The 1954 World Cup featured the first live black-and-white televised broadcast of the event, and, in 1970, FIFA introduced color broadcasts in primetime. Increasing revenues pushed private networks to aggressively bid for broadcast rights. Today, the event is a commercial powerhouse, with the 2026 World Cup projected to generate around $4B in TV rights revenue.

Vizualize global debt by country

Global debt reached $226T by the end of 2020—the biggest one-year jump since World War II. This graphic compares the debt-to-GDP ratio of various countries.

How the Bank of Italy became Bank of America

Amid the devastation of the 1906 earthquake in San Francisco, Italian immigrant and local banker Amodei Giannini managed to keep hold of a substantial amount of currency. On a handshake, Giannini loaned needy locals money to rebuild. The enterprising banker would go on to form one of the first banks for the middle class, the Bank of Italy, which would go on to become the Bank of America in 1930. Read about the founder here.

Trace how the Bill of Rights, inspired by centuries of political theory, took shape between 1774 and 1789.

Roughly 43 million US borrowers owe roughly $1.7T in student debt, the second-largest source of consumer debt behind mortgages.

The US first hosted the World Cup in 1994, a tournament that lives in soccer infamy for its poor planning and the murder of Colombian player Andres Escobar, who'd accidentally scored on his own net.

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

See the most iconic photos from four decades of LIFE magazine

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

The first image of a black hole was captured by creating an Earth-sized virtual observatory from a network of eight radio telescopes.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

In 1945, Surrealist artist Salvador Dalí and legendary animator Walt Disney began collaborating on a short film that was not completed until 2003, years after both men had died.

The name 'Silicon Valley' arose from the founding of Shockley Semiconductor Laboratory in Fairchild Semiconductor in 1956-57, founded near Stanford University in Palo Alto

Before the current East Wing ballroom project, only two White House renovations in the past 100 years cost more than $10M.

Double world record holder Hunter Ewen helped conquer his fear of balloons, called globophobia, by training to win Guinness World Record titles for balloon inflation.

Chaos theory—informally known as the butterfly effect—is the reason why weather forecasts are presented with probabilities rather than certainties.

A small portion of The Winstons' 'Amen, Brother,' an obscure '60s gospel record, is the basis for thousands of hip-hop tracks, making it one of the most sampled records ever that's informally known as 'the Amen break.'

The first steps to rebuilding your credit score include getting to know exactly what's on your credit report and figuring out how far you are from the '700 club,' or 'good score' range.

In 2026, Finland was named the world's happiest country for the ninth consecutive year based on its wealth, social safety network, and high life expectancy, among other factors.

An initial public offering or 'IPO' is the process of a private company becoming public by putting shares of the company on the stock market for purchase.

Fish populations in the Great Barrier Reef have increased after installing waterproof speakers on the ocean floor that played recordings of sounds from healthy coral reefs.

Hookworm infection, though risky, may help fight certain autoimmune conditions by tamping down the immune system's inflammatory response.

Electrical grids worldwide must double their power delivery capacity by 2050 to meet surging demand from AI and electric vehicles.

For centuries, it was common to sleep in two shifts: a few hours at the beginning of the night, and a longer period beginning around midnight

Bone marrow (soft tissue found inside certain bones) generates roughly 500 billion new blood cells each day