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

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

In July 1944, 44 nations gathered in Bretton Woods, New Hampshire, to create a new postwar economic order. The conference led to the creation of the IMF and the International Bank for Reconstruction and Development—now known as the World Bank.

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.

Nixon's 1971 decision to untether the dollar from gold ended the Bretton Woods exchange rate system

The Bretton Woods system initially pegged all major currencies to the US dollar, which could be exchanged for gold at a fixed rate of $35 per ounce. Growing deficits and decreasing gold reserves prompted Nixon to end that guarantee in 1971, marking the end of the fixed exchange rate era.

The global economy runs on US dollars

Nearly 90% of international trade in 2019 was processed in US dollars. It's not only the most circulated currency in the world but also considered one of the most stable.

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.

Harry Dexter White outmaneuvered Keynes to make the dollar the center of the new global monetary system

The chief US Treasury economist at the conference, White, advocated for a dollar-centered exchange rate system over Keynes' competing idea of a new global currency, shaping the postwar economic order for decades.

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

The Smoot-Hawley Tariff Act is among the most famous pieces of economic legislation in the US

In a desperate move to save the economy from the deepening global depression, the US placed tariffs on thousands of goods from abroad. This approach backfired, as many of America’s trade partners took retaliatory measures.

250 years of world trade history

Adam Smith’s revolutionary ideas about free trade were often ignored throughout American history to protect domestic industry—until World War II caused a shift in sentiment about global trade.

The Federal Reserve is the most powerful financial institution in the US

The Fed controls the money supply, determines interest rates, and regulates the banking system. Established in 1913 after a volatile series of financial panics, the central bank has managed to retain its legitimacy despite broad critiques against its obscure and independent decision process.

Historians reflect on the best State of the Unions ever

These political experts highlight standout State of the Union addresses that shaped the nation's direction—from Washington's first and Lincoln's Civil War messages to FDR's wartime resolve, LBJ's Great Society launch, and Clinton's scandal-shadowed 1998 speech.

Relationships between countries have become more peaceful since the rules-based order was established

Our World in Data monitors bilateral relationships on a spectrum from open rivalry to "positive peace"—deep cooperation and mutual protection. In 1945, no countries had highly cooperative security relationships. Today, nearly a fifth do.

The Panama Canal boosted the US as a world power in trade, engineering, and finance

The effort proved the US could achieve grand engineering projects while granting it influence over (and benefitting economically from) a major interoceanic channel and its host country, Panama.

The Social Security System was created to protect Americans from economic disasters like the Great Depression

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

Explore the Council on Foreign Relations' essay collection on the future of US foreign policy

This project brings together expert essays examining the future of American strategy, regional relations, geoeconomics, great power rivalry, and war in a rapidly changing global landscape.

Consumer spending accounts for 70% of US GDP, making Black Friday significant

Lizabeth Cohen, a history professor at Harvard and author of the book “A Consumer's Republic: The Politics Of Mass Consumption In Postwar America,” has argued that the US government has presented consumerism as a way out of economic crisis or decline since around World War II.

How two US Presidents defined WWII and its aftermath

The National WWII Museum’s “To the Best of My Ability” podcast series delves into how Presidents Franklin D. Roosevelt and Harry S. Truman steered the US through World War Two.

After the USSR's fall, many experts believed liberal democracy had permanently prevailed

Political scientist Francis Fukuyama argued in 1992 that liberal democracy and market capitalism had defeated their ideological opponents and would eventually spread everywhere—a thesis he called "the end of history." Subsequent decades complicated that claim.

Learn about the history of the Monroe Doctrine

CBS Sunday Morning explores the origins of the Monroe Doctrine, tracing how a 19th-century warning against European intervention shaped US foreign policy and influenced America’s role in the Western Hemisphere for generations.

Anti-money laundering laws forcing banks to report data have become important foreign policy tools

Since the Bank Secrecy Act of 1970, which required banks to report transactions exceeding $10K and keep records on customers, anti-money laundering laws have become an important proxy for American foreign policy initiatives. Increased regulation via financial institutions helps curb drug and human trafficking, as well as destabilize the financial infrastructure for terrorist organizations.

See a ranking of the best (and worst) Federal Reserve Chairs since 1914 out of the 16 men and women who have held the office since.

Why some nations reach economic success and others don’t

The 2024 Nobel Prize in Economics winners, Daron Acemoglu, Simon Johnson, and James A. Robinson, were honored for their compelling research on the factors that influence a nation’s prosperity. Spanning two decades, their work presents insights into how societal organization can explain the income discrepancies between different countries. In general, their research shows that economic success favors more free and open societies. Listen for more fascinating insights.

Read an overview of US tariff policy before the second Trump Administration

This comprehensive report from the Congressional Research Service explores the evolving role of tariffs—from a major source of government revenue to a tool for trade and foreign policy—providing insights into current practices, legal foundations, and global trade dynamics.

A work-free retirement is a relatively recent development in human history

Though it looks different in other countries, economic historians trace retirement's rise in the US to a growth in personal income through pensions, GDP, and Social Security.

Hear history nerd Ray Dalio talk about making decisions during times of uncertainty

For Dalio, history is the best teacher. Dalio emphasizes relying on and respecting the past as a framework for the future, so that during unsettling times, people still make good decisions.

The United States is one of only around two dozen countries with a fully federal system of government, in which power is divided between national and state governments.

Alexander Hamilton played a significant role in creating the American system of government

From 1787 to 1788, Hamilton, James Madison, and John Jay anonymously published a collection of essays known as the Federalist Papers to promote the new Constitution. Of the 85 essays that proved pivotal to the eventual ratification of the document, Hamilton wrote 51.

Americans are historically more supportive of free speech than people in most other countries

A 2016 survey of 38 countries found that the US scored highest in support for free expression, with 71% of Americans saying people should be able to say what they want without government censorship, more than in any other nation surveyed.

The US Constitution is widely regarded as the longest-standing written national constitution still in force—see how it has influenced rights worldwide.

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

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

The United States has had a tumultuous relationship with Cuba since its 1959 revolution, highlighted by a nuclear crisis and a decades-long trade embargo.

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

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

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.

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.

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.

See the most iconic photos from four decades of LIFE magazine

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

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.

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

Quincy Jones' 'Big Band Bossa Nova' helped introduce bossa nova—a jazz-influenced Brazilian genre—to the US

At the beginning of the 20th century, a group of young men ate standard American food—replete with food additives like borax and formaldehyde—as part of government research to better understand food safety.

Researchers believe the brain consolidates memories, processes emotions, and plans for the future during dream states

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.

SpongeBob exemplifies Aristotle's philosophy for living well because he understands that happiness doesn't come from external factors like money, recognition, or power.

The hormonal disorder PCOS was renamed PMOS in 2026, a move designed to improve care and research by shifting the focus to the hormonal causes of this condition that affects 1 in 8 women.

Sunflowers have long been a symbol of nuclear disarmament because they can extract large amounts of radioactive cesium from soil.

Famed poet TS Eliot rejected the manuscript for George Orwell's political fable 'Animal Farm,' writing that its criticism of authoritarianism was not 'the right point of view.'