The Bretton Woods system was the first global monetary system that was established after World War II. It was named after the location of the conference that was held in Bretton Woods, New Hampshire in 1944. The Bretton Woods system regulated currency exchange rates and stabilized prices by pegging different currencies to the value of gold. The system helped to promote international trade and economic growth. However, it eventually collapsed in 1971 due to a number of factors, including high inflation and government debt.