International Monetary Fund and World Bank
Category: Business | Type: Essay | Style: APA | Level: Master | Pages: 9
The International Monetary Fund is a cooperative international monetary organization. These institution was designed to be pillars of the post world war global economic order. Crisis prevention and conflict management became established as an important aspect of development policy in the 1990s. It is often assumed that the World Bank and International Monetary Fund in particular have considerable potential in establishing and maintaining peace and stability. The World Banks focus is on the provision of long-term loans to support development projects and programs. The IMF, on the other hand, concentrates on providing loans to stabilize countries facing short-term financial crises. The World Bank and IMF are directed by the governments of the worlds richest countries. Their fundamental difference is that the World Bank is primarily a developmental institution whereas the IMF is a cooperative institution that seeks to maintain an orderly system of payments and receipts between nations. Each has a different purpose, a distinct structure, receives its funding from different sources, assists different categories of members and strives to achieve its distinct goals through methods specific to itself. The primary aim of the World Bank was the financing of economic development and accordingly, the Bank's first loans, during the late 1940s, were disbursed in order to finance the reconstruction of the war-ravaged economies of Western Europe.
... at some length the vital role of global communications networks, clearly these are increasing the degree of social, economic and political interdependence between different societies throughout the world. A more controversial factor is the current dominance in the global economy of capitalist ('free market') rules for international trade. The International Monetary Fund and World Bank determine the rules for international currency exchanges and are a source of capital for states whose economies are in difficulty - but often only subject to such states agreeing to curb state expenditure and raise taxes. The former General Agreement on Tariffs and Trade (GATT) has been succeeded by the WTO, ... View details
... liberalized international finance has made emerging-market economies "more vulnerable to erratic shifts in investor sentiment" without giving out any visible benefits. Stiglitz is a respected economist who actually worked as a senior official at the World Bank. In this book, Stiglitz recounts his experiences in some places including Thailand, Indonesia and some other Asian countries, Russia and Brazil, and Argentina. He finds repeatedly that the International Monetary Fund puts the interests of its "largest shareholder," the United States, above those of the poorer nations it was designed to serve. In the end, he said these countries which had enthusiastically embraced free-market policies ... View details
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