The Bretton Woods Conference and the Architecture of Financial Trust

布雷顿森林会议与金融信任的架构

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Delegates in 1944 didn’t design a currency system—they engineered trust mechanisms: the IMF’s quota system linked voting power to gold reserves, making defection costly for large economies.
The World Bank’s initial mandate wasn’t poverty reduction, but to guarantee loans for reconstruction—using U.S. Treasury bonds as collateral to reassure skeptical European lenders.

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