Arrange the following elements in correct chronological sequence (earliest to latest):

(A) Smithsonian Agreement
(B) Bretton Woods Conference
(C) Establishment of WTO
(D) Gold Standard

Choose the correct answer from the options given below:

(D), (B), (A), (C)

The correct answer is Option (2) → (D), (B), (A), (C)

Here's the breakdown:

(D) Gold Standard: This was a monetary system where the value of a currency was directly linked to gold. It was the dominant international monetary system for much of the 19th and early 20th centuries.

(B) Bretton Woods Conference: This conference, held in 1944, established the International Monetary Fund (IMF) and the World Bank and instituted a new international monetary system based on fixed exchange rates.

(A) Smithsonian Agreement: This agreement in 1971 attempted to realign fixed exchange rates within the Bretton Woods system but ultimately led to its collapse and a shift towards a floating exchange rate system.

(C) Establishment of WTO (World Trade Organization): The WTO was formally established in 1995 as the successor to the General Agreement on Tariffs and Trade (GATT), which had been in place since 1948.

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