Michael Busler, assistant professor of finance at the Richard Stockton College of New Jersey in Galloway, says the agreements that were reached helped to smooth the way for a transition to a peacetime economy and allow countries to get back on their feet in meaningful way.
“The formation of the International Monetary Fund helped developing nations to get capital for growth,” says Busler, a fellow at the William J. Hughes Center for Public Policy at the college.
“They also formed what would become known as the World Bank,” he adds. The isolationist attitude that prevailed between the two world wars was giving way to a relationship of interdependence among nations.
“The representatives tried to encourage as much trade as possible,” Busler says. The conference also produced agreements to fix exchange rates between countries.
“Governments could raise or reduce their currency values no more than 10 percent,” Busler says.
The conferences in Atlantic City and New Hampshire required a change in philosophy by nations. “The United States realized that we [couldn’t] be isolationist. We have to work together and trade together [with other countries],” Busler notes.
The countries of the world united to work together, economically and politically, with the creation of the United Nations. While the United States decided not to join the League of Nations after World War I, it was in the forefront of the move to form the U.N., with the organization’s headquarters in New York City.
The Atlantic City conference wrapped up on June 30 and many of the conference representatives boarded a train in the resort for an all-night ride through New England for the start of the Bretton Woods conference. The momentum generated by the Atlantic City sessions would lead to a successful gathering in New Hampshire.
In the ninth episode of this multi-part series, a distinguished panel of Atlantic City historians and authors continue to discuss the history of sporting events in Atlantic City until the conversation turns to Camp Boardwalk, when the U.S. military took over AC's famed Boardwalk Hall during WWII.
In the 11th episode of this multi-part series, a distinguished panel of Atlantic City historians and authors continue to discuss the history of Atlantic City's famed Boardwalk.
In the eighth episode of this multi-part series, the distinguished panel of Atlantic City historians and authors start to discuss the wild history of sporting events in the resort — from boxing and cat boxing to indoor football and Yankees baseball.
In the sixth episode of this multi-part series, the distinguished panel of Atlantic City historians and authors begin to discuss the history of entertainment and nightlife in the resort, which has played such a vital role in Atlantic City for more than a century.
A multi-part video series on Atlantic City's rich history in relation to HBO's Boardwalk Empire. Learn about the stories behind several facets of the resort's history such as the real Nucky Johnson, the African-American Experience, the Boardwalk and more.
A multi-part video series on Atlantic City's rich history in relation to HBO's Boardwalk Empire. Learn about the stories behind several facets of the resort's history such as the real Nucky Johnson, the African-American Experience, the Boardwalk and more.
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