Week 2: what is globalization? (2) dimensions of globalization. It was founded at the bretton woods conference in 1944. Bretton woods was attended by 44 countries; they drafted the articles of agreement, signed by. S to secure international monetary cooperation, to stabilize currency exchange rates, and to expand access to hard currencies (international liquidity: methods: S stability of currency exchange rates without backing currencies entirely with gold, reduction in the frequency and severity of balance-of-payments deficits (when more foreign currency leaves a country than enters it), S elimination of mercantilist trade policies, such as competitive devaluations and foreign exchange restrictionslall while substantially preserving each country"s ability to pursue independent economic policies: context: the whole world with binding of international economic activities against. Mercantilism was economic theory and practice in europe (16th -18th cent. ) aiming at enhancing the power of the state by implementing economic regulation of a. Mercantilism was sort of like an economic version of political absolute power.