Growth was led primarily by increased activity in the service sectors and industry on the production side, and by consumption and investment, including inventories, on the expenditure side.
I consider the Bretton Woods system very innovative for four reasons: First, with this system international monetary cooperation was for the first time attempted on a permanent and institutional basis. Second, this system respects the principle of national sovereignty while committing members to collective responsibility. Third, it provides a mechanism for inter-governmental consultation.