Explain the difference between a closed economy and an open economy. Explain also how the pursuit of internal equilibrium will be different between the two types of economies. Using the monetary...

Explain the difference between a closed economy and an open economy. Explain also how the pursuit of internal equilibrium will be different between the two types of economies.

Using the monetary approach to the balance of payments, explain how the Bretton Woods system could break down after the U.S. increases its money supply too fast.