![]() Even at the preparatory stage, work on the agenda of the London conference had been divided between two subcommittees. 1 It had treated the trade and monetary issues separately. ![]() ![]() The World Monetary and Economic Conference held in London in 1933 was generally seen as the last, and lost, opportunity to arrive at a settlement. In this the conference broke through the paralysis that had afflicted interwar attempts at international cooperation. The fundamental insight that made it possible to agree on an outcome was that destructive disputes over trade could be overcome by an agreement on monetary matters. The conference was preceded by negotiations involving initially the United States and the United Kingdom and then the other members of the United Nations (the wartime coalition against the Axis powers). It represented both an attempt to learn the lessons of the Great Depression and a part of the preparation for peace. ![]() The Bretton Woods conference was the first successful systematic attempt to produce a legal and institutional framework for the world economic system. ![]()
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