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International Monetary Fund
International Monetary Fund
The international monetary community
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Recommended: International Monetary Fund
1. Introduction
1.1 What is the International Monetary Fund (IMF)?
“The International Monetary Fund is an organisation that provides short-term credit to 186 member nations. The International Monetary Fund works to maintain orderly payments arrangements between countries and to promote growth of the world economy without inflation. It supports free trade in goods and services. To stabilize its members’ economies, the IMF provides policy advice and short-term loans when a member nation encounters financial difficulty.”
World Book, Inc
1.2 The history of the International Monetary Fund (IMF).
The International Monetary Fund was designed during World War II by men whose
worldview had been shaped by the Great War and the Great Depression. Their views on how the post-war international monetary system should function were also shaped by their economics training and their nationalities. To prevent a reoccurrence of monetary and financial instability, the Conference established the International Monetary Fund (IMF). The IMF started in July 1944, when 45 governments and their representatives held a meeting in the town of Bretton Woods, New Hampshire, in the North Eastern United States, they agreed on a framework for international economic cooperation.
As result to the meeting they draft a charter of an international institution to oversee the international monetary system and to promote both the elimination of exchange restrictions relating to trade in goods and services, and the stability of exchange rates. The main role of the IMF was to stabilize the exchange rate, prevent crisis, and resolution of crisis.
After the IMF began functioning as an institution, its evolution was similarly driven by a combination of political even...
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...cies for these new situations had to be adapted quickly, and yet many elements of the old doctrine survived, dinosaurs at times, at odds with the new reality of these external crises confronting the developing economies.
Works Cited
1. Bannock,G. Davis,E.etl. The New Penguin Business Dictionary. 2002. Strand:London. Pg 267.
2. Boughton, James M. The IMF and the Force of History: Ten Events and Ten Ideas that Have Shaped the Institution.2004. http://www.imf.org [Web Accessed: 27 April 2010].
3. Fetzer,S. Company. The World Book Encyclopedia: I volume 10. United States of America. 2001.
4. Frenkel, R. Current problems with the IMF: Briefing paper. 2007. http://library.fes.de [Web Accessed: 27 April 2010].
5. Fundamental Disequilibrium:Role in Balance-of-payments Accounting. Britanica-eb.com. http://www.britannica.com [Web Accessed: 26 April 2010].
Sallies McFague’s discussion of ecological and neo-classical economics from the Christian perspective is an eye-opening experience because it demonstrates the two possible dynamics of our world’s economy. The neo-classical economic dynamic “sees human beings on the planet as a collection of individuals drawn together to benefit each other by fully exploiting natural resources” while the ecological economic dynamic “sees the planet as a community that survives and prospers only through the interdependence of all its parts, human and nonhuman” (McFague 127). McFague states that the current global economy is neo-classical which is a detrimental system to ...
In conclusion, some people were fixated on their old beliefs and did not accept the new adjustments taking place. New technology, and fundamentalism and new ways of looking all attributed to the tensions that were arising when the old and new conflicted.
The July 1944 United Nations Financial and Monetary Conference, known as the Bretton Woods Conference, who created the International Monetary Fund (IMF) and the forerunner of the World Bank, the International Bank for Reconstruction and Development (IBRD). The “Bretton Woods system” was bolstered in 1947 with the addition of the General Agreements on Tariffs and Trade (GATT), forerunner of the World Trade
Massachusetts Institute of Technology. (2000). The IMF and the World Bank: puppets of the neoliberalism onslaught. Retrieved April 05, 2014, from MIT website: http://www.mit.edu/~thistle/v13/2/imf.html
The end of the World War II marked the beginning of a new era for the world economy. The Bretton Woods System refers to an agreement made at an international conference between 44 nations in 1944 at Bretton Woods, New Hampshire, United States of America (hereby U.S.) on the 22nd of July 1944. It was aimed at maintaining stability in the monetary system in the post World War II period. “In an effort to free international trade and fund postwar reconstruction the member states agreed to fix their exchange rates by tying their currencies to the U.S. dollar.” The fundamental of this system was liberalizing trade policy and promoting free trade. The U.S. dollar was linked to gold as a show of its dependability in the eyes of the rest of the world, $35 equaled 1 ounce of gold. They followed an adjustable fixed exchange rate (1% band). It set up the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), which is a part of the World Bank today. Member nations monetary contributions to the setting up of these institutes determined their number of votes as well as their economic prowess
Due to enlightenment, the conservative world changed into the modern world (Ritzer 2008).
The IMF plays a pivotal role in the international economy system. As its initial goal about reconstructs world’s international payment system, such as contributes to surveillance of the global economy, to stabilize exchange rates, to lend money to help countries to resolve emergency situation but with certain conditions and should pay back in a short time. The IMF has done a large number of things to help the world economy, not only in the western countries, but in many developing countries as well.
...ton wood institutions namely World Bank (WB) and International Monetary Fund (IMF). The triumph of western liberal democracy and market economy was a turning point in the history of the world. The new agenda was a transformation of global political economies around the world in alignment of the western system through democracy and market liberalization.
the effect that the work of the IMF and the World Bank have had on the
Joseph Stiglit’s focused on criticizing the International Monetary Fund (IMF) and how globalization makes the rich countries richer and the poor countries poorer. At first, I thought that the book was too technical for a beginner on the subject to understand, but he was able explain well the contents of this book. This book is very informational for people, who are into globalization and economic development. His sharp critiques on globalizations, particularly on the International Monetary Fund (IMF), that was based on his own experiences. In this book, he emphasized the effect of globalization on the Least Developed Countries as well as on the Developed Countries. I chose On Globalization and its Discontent because aside from the striking title of the book, it also the sincere opinions of Joseph Stiglitz. Also, I chose this book aside from it being required, I figured out that this book will be of good help for me in the near future – if I want to pursue this track – with all the information that were given by Stiglitz.
Established in 1944 and taking its name from the New Hampshire town where the agreements were drawn up, the Bretton Woods conference was a gathering of finance ministers from Allied countries following the end of the Second World War. Under American leadership, the group met to discuss the failings of World War I’s Treaty of Versailles and the creation of a new international monetary system which could fund post war reconstruction, economic stability and facilitate international trade. This conference led to the establishment of two of the most important post war economic institutions, the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development, now known as the World Bank (An introduction to the WTO and GATT, pp. 42, 2003). Originally, the architects of the international trade system in the post war ...
...an overabundance of information all applicable to the topic. My feeling was that such an overwhelming load of facts and systems directed me away from the most important facts of the chapter. Its imperative that the student understands the small scale relationship to economic development. Therefore my attempt was to highlight the main topics of the chapter and relate them to the reader to provoke intrest and thought towards many of these important life changing situations that occur everyday. If one can see past all the theories primarily and see the cause and effects behind them, they’re appreciation for the ideas stated in the theories.
All throughout history, we see this dichotomy between tradition and modernity. On one hand, we have tradition, the force living perpetually in the past and refusing to change. On the other hand, modernity leaves tradition behind in favor of progress. These two concepts, much like oil and water, dare to divide but coexist as a debatable founding solution. Not only are the themes Western ideas, but they have been present and are found in literature all around the world, from China to Africa.
Modernisation theory has been a dominant theory since post-World War II (McMichael 2012:5) to describe development and social change. It is structured and outlined through five different stages of the 'development ladder' proposed by Walt Whitman Rostow in The Stages of Economic Growth: A Non-Communist Manifesto. (1961:4) The first premise of modernisation theory reflected by the ‘development ladder’ is that development happens in a sequential process through stage by stage, while the second premise underpinned by the ‘development ladder’ is conformity towards Western values and norms. However, these two premises are found to be problematic as they are neglecting the differences in societies and assuming that the 'development ladder' system is applicable to all societies.
Fifty-one countries established the United Nations also known as the UN on October 24, 1945 with the intentions of preserving peace through international cooperation and collective security. Over the years the UN has grown in numbers to include 185 countries, thus making the organization and its family of agencies the largest in an effort to promote world stability. Since 1954 the UN and its organizations have received the Nobel Peace Prize on 5 separate occasions. The first in 1954 awarded to the Office of the United Nations High Commissioner for Refugees, Geneva, for its assistance to refugees, and finally in 1988 to the United Nations Peace-keeping Forces, for its peace-keeping operations. As you can see, the United Nations efforts have not gone without notice.