[:l D 3. The postSecond World War arrangements reached by the Allies at Bretton Woods steadily eroded in the late 19603 and effectively ended in 1971. when the United States 0 withdrew its support for the nancial policies of the 6-? countries. 0 abandoned the postwar gold standard and allowed the dollar to range freely. O withdrew from membership in the North Atlantic Treaty Organization (NATO) following France's lead. 0 defaulted on a loan it had guaranteed through the International Monetary Fund. O refused to endorse the establishment of the World Bank