The development of Bretton Woods System

The plans of Bretton Woods System were developed by two important economist, the American minister of state in the U.S. treasury, Harry Dexter White and the British economist John Maynard Keynes. In fact, both of them have similar plan, in their plan, a bank of reconstruction (nowadays the World Bank) and an international stabilisation Fund (nowadays the IMF) should be established. The only difference was that Keynes tried to vest the IMF with possibilities to create money, which is calling Bancor, and with authority to take action on a much larger scale. Bancor as a new currency, can be used to buy goods and invest but  unable to exchange for gold and cash. the country of creditors can adjust the balance of payment imbalances, but cannot interpose the police of debtors's countries. In comparison, White's plan was more concerned about the gains of creditor's countries, since, as he suggested, other currency should has fixed exchange rate to dollar. 

Basically, Keynes' plan was more base on the British situation. It is well known that, British economy faced great economic recession after Second World War. Keynes tried to reduce the value of gold to rejuvenate British economy. While White' plan intended to keep the dominant status of the USA. some economists today agree that  Keynes was more farsighted than White.