Title: International monetary systems - Wikipedia
Headings: International monetary systems
International monetary systems
Contents
Historical overview
History of modern global monetary orders
The pre WWI financial order: 1816–1919
Between the World Wars: 1919–1939
The Bretton Woods Era: 1944–1973
The post Bretton Woods system: 1973– present
Calls for a "New Bretton Woods"
See also
References
External links

Content: and more recently, a number of nations have used the US dollar as their local currency, a custom called dollarization . Until the 19th century, the global monetary system was loosely linked at best, with Europe, the Americas, India and China (among others) having largely separate economies, and hence monetary systems were regional. European colonization of the Americas, starting with the Spanish empire, led to the integration of American and European economies and monetary systems, and European colonization of Asia led to the dominance of European currencies, notably the British pound sterling in the 19th century, succeeded by the US dollar in the 20th century. Some, such as Michael Hudson, foresee the decline of a single base for the global monetary system, and the emergence instead of regional trade blocs; he cites the emergence of the Euro as an example. See also Global financial systems, world-systems approach and polarity in international relations. It was in the later half of the 19th century that a monetary system with close to universal global participation emerged, based on the gold standard. History of modern global monetary orders
The pre WWI financial order: 1816–1919
Main article: Gold Standard § Establishment of the international gold standard
From the 1816 to the outbreak of World War I in 1914, the world benefited from a well-integrated financial order, sometimes known as the "first age of globalisation".