(1) U.S. supplied the global reserve currency.

(2) The dollar was pegged to gold at $35 per ounce.

(3) Other major currencies "floated" within bands to the dollar peg.

(4) Only the dollar was convertible into gold. The dollar as "as good as gold."

(5) The U.S. provided liquidity: Marshall Plan.

(6) N-1 problem.

(7) The new system was a "compromise of embedded liberalism." A liberal economic system internationally, some state intervention in markets domestically. ("Adam Smith abroad, but John Maynard Keynes at home.")

(8) New institutions: GATT, World Bank, IMF, "conditionality."