The Role of US in the World Economy during the Collapse of Brotten Woods's System in 1971

Prepare a report that gives the insights on the Role of US in the World Economy during the Collapse of Brotten Woods's System in 1971. The Bretton Woods, a monetary management system, was established for forming rules related to commercial and financial relations among the world's major industrial states. The collapse of Bretton woods takes place in 1971 when the United States terminated its unilateral convertibility of the US dollar into gold. This issue raised a situation in which, the US currency can be used by many states and some fixed currency such as GDP can become free floating. The Bretton woods system was established to form a new monetary system for the maintenance of world's payment system, but it collapsed when the United States terminated its policies without informing any related country. The report also mentions the theories of hegemony to maintain the international relation.