Bretton Woods system collapsed due the stagflation crisis of the 70's. Economists started re-thinking Keynesian economics and the gold standard was abandoned. That precipitated the collapse. [1]

The Chicago School economists were successful in pushing through the neoliberal agenda. They were so successful that both democrats and republicans adopted it en masse. Even Singapore adopted neoliberalism. There is direct correlation between increase in income inequality with the switch to neoliberal policies. [2]

[1] https://www.imf.org/external/about/histend.htm

[2] https://www.theguardian.com/news/2017/aug/18/neoliberalism-t...