History has exhibited that many of the economic advancements have been in synchronisation with global trends and world events. After World War II, the global economy was in immediate need of a new financial system. The gold standard was too rigid; at the same time, with an inflationary alternative, economists were concerned that countries could devalue their respective currencies to boost exports. On July 1st, 1944, representatives from the United States, Canada, Western Europe, Australia and Japan established the Bretton Woods monetary system, where the respective currencies of the participating states were linked to the US dollar, and the US dollar was linked to gold. In the Summer of 1971, President Nixon announced the end of the Bretton Woods standard. Since which, monetary systems have been sequentially, adapting, growing and evolving. …
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