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How did President Nixon ending the Gold Standard in 1971 change the landscape of International Business?

How did President Nixon ending the Gold Standard in 1971 change the landscape of International Business?

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President Richard Nixon announced that U.S. dollars would no longer be redeemable for gold, changing the way the U.S. did business in what was known as the "Nixon shock." The decision to go off gold spelled the end of the Bretton Woods international finance system, which had its currencies tied to the dollar by member states. Nixon brought the gold standard to a close

Although Nixon's actions did not formally abolish the existing international financial exchange system in Bretton Woods, the suspension of one of its key components effectively rendered the Bretton Woods system inoperable. While Nixon publicly stated its intention to resume the dollar's direct convertibility following the implementation of reforms to the Bretton Woods system, all attempts at reform proved unsuccessful. By 1973, the Bretton Woods system was de facto replaced by the current system, based on free fiat currencies

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