The Bretton Woods
It was clear during the Second World War that a new international system would be needed to replace the Gold Standard after the war ended. The framework for it was designed at the Bretton Woods Conference in the US in 1944. US political and economic dominance necessitated the dollar being at the center of the system.
After the chaos of the inter-war period there was a desire for stability, with fixed exchange rates seen as essential for trade, but also for more flexibility than the traditional Gold Standard had provided. The system drawn up fixed the dollar to gold at the existing parity of US$35 per ounce, while all other currencies had fixed, but adjustable, exchange rates to the dollar.
Unlike the classical Gold Standard, capital controls were permitted to enable governments to stimulate their economies without suffering from financial market penalties.