"Thus the post-war Bretton Woods system did not come about all at once. The participants at Bretton Woods had anticipated universal international convertibility by the end of the 1940s, but their calculations did not allow for the political and economic consequences of the coming of the Cold War (or, indeed, of the Marshall Plan). Put differently, the high ideals of those setting out plans and institutions for a better international system presumed a stable era of international cooperation from which all would gain."