B

Bilateral agreement- contracts under international law negotiated between a limited number of states (most commonly only two), establishing legal rights and obligations between those two states only. It is possible for a bilateral treaty to have more than two parties, as long as those parties are divided into two groups (ie. the Swiss and the European Union has 17 parties).

Bretton Woods Organizations- spawned from a 1944 conference in New Hampshire of 44 nations to carve out an agreement to stabilize world trade, peg the price of gold to the US dollar, and to create the International Bank for Reconstruction and Development (now the World Bank) to secure developing countries’ finances and the International Monetary Fund to stabilize exchange rates between countries. The GATT and the WTO are generally also included in the Bretton Woods System. The system collapsed in 1971 when the US removed the dollar from the gold peg, allowing a floating currency system.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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