The major global economic system established in the aftermath of World War II is the Bretton Woods system. Created in 1944 during the United Nations Monetary and Financial Conference in Bretton Woods, New Hampshire, it established fixed exchange rates linked to the U.S. dollar, which in turn was convertible to gold. This system aimed to promote international economic stability and cooperation, leading to the creation of institutions like the International Monetary Fund (IMF) and the World Bank. It facilitated post-war economic recovery, trade, and investment, shaping the global economy for decades until its collapse in the early 1970s.