In 1971, President Nixon suspended the dollar's convertibility to gold, leading to the collapse of the Bretton Woods system and the end of fixed exchange rates. This pivotal decision marked a significant shift in global economic policy, ushering in the era of floating currencies. The collapse of the Bretton Woods system had profound implications for international trade and finance, reshaping the economic landscape of the 20th century.

The collapse of the Bretton Woods system in 1971 prompted global economic shifts that influenced postmodern literature. Writers like Don DeLillo and Thomas Pynchon explored themes of uncertainty and cultural exchange, reflecting the complexities of a globalized world in their narratives.