Abstract
This chapter examines the evolution of the international monetary and financial system since the late nineteenth century. It first considers how changing political circumstances, both internationally and domestically, during the interwar years undermined the stability of the globally integrated financial and monetary order of the pre-1914 period. It then looks at the Bretton Woods monetary system created in 1944 for the post-war period, along with the causes and consequences of challenges to the Bretton Woods order which have emerged since the early 1970s with the globalization of financial markets, the collapse of the gold standard, and the move to a floating exchange rate regime among the major economic powers. The future of the United States dollar is also assessed.
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