a. The aim of the post war settlement was to ensure economic stability and employment it culminated in theBrettonWoods system which provided for the establishment of IMF and World Bank to deal with external deficits of its member states.This system was based on a fixed exchange rate , whereby value of all currencieswere fixed against single currency that US dollar.b. However, to understand the end of Bretton woods systemit is important to understand the context of debt crisis and the fall of the value of US Dollar.c. 1960'swas the time when US also headed into recession and its dollar was no longer a principal currency.d. Further, Debt crisis of the developing nations which was the result of the interplay of market forces and global factors brought about changes in the financial system.d. It can be attributed to the oil crisis that surfaces in 1973-74 whereby there was increase in the price of oil, putting an excessive burden on the economies of the Third World .e. The increased demand for oil from the developing nations to support their industrial development and other needs, plus the increased prices of oil and limited supply from OPEC countries, compelled the developing nations to borrow from commercial banks .f. Further by 1979, there was also a major turmoil in the economies of the developed countries resulting in balance of payment crisis, which again impacted these developing countries who had sought loans from the developed nations.g. There was thus a growing apprehension that global economic problem would result in the collapse of the banking system, if the third World fail to pay their debt, that is the loan taken.h. This, was the time when IMF and World bank then offered further loans to deal with debt crisis subject to stringent conditions, asking the Third World to open up their economies, encourage private investment, financial liberalisation etc.i. This marked complete overhaul of the economies of the developing world and end of Bretton woods system