The Bretton Woods Institutions (BWIs) consist of the The International Bank for Reconstruction and Development (IBRD, in Romance languages: BIRD), better known as the World Bank, is an international organization whose original mission was to finance the reconstruction of nations devastated by WWII. Now, its mission has expanded to fight poverty by means of financing states. Its operation...
World Bank (originally International Bank for Reconstruction and Development, IBRD) and the This page is about the International Monetary Fund; IMF can also mean the International Metalworkers Federation, a global union federation. The flag of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization entrusted with overseeing the global financial system by monitoring foreign exchange rates and...
International Monetary Fund (IMF), founded in July 1944 at a The Bretton Woods system of international economic management established the rules for commercial and financial relations among the major industrial states. The Bretton Woods system was the first example of a fully negotiated monetary order in world history intended to govern monetary relations among independent nation-states. Preparing to rebuild...
meeting of delegates of 44 countries in Bretton Woods, New Hampshire (USA). At the same time they agreed on fixing exchange rates of their currencies with the U.S. dollar in purpose to stabilize international monetary system and financial relations.
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Bretton Woods system was initiated by two economists of the time, the American minister of state in the U.S. treasury, Harry Dexter White (left) and John Maynard Keynes (right) at the Bretton Woods Conference Harry Dexter White ( October 1892– August 16, 1948) was an American economist. He was one of the founding fathers of the International Monetary Fund and the World Bank. The son of Lithuanian immigrants, White was...
Harry Dexter White, and the British economist John Maynard Keynes John Maynard Keynes [ˈkeɪns], 1st Baron Keynes of Tilton (June 5, 1883 - April 21, 1946) was an English economist, whose radical ideas had a major impact on modern economic and political thought. He is particularly remembered for advocating interventionist government policy, by which the...
John Maynard Keynes.
This is a fitting question for a gathering at BrettonWoods, because of the historic role of this place in the creation of three important institutions that have led the move to globalize the world's economies.
The existing BrettonWoods system is geared by both structure and ideology to an ever continuing expansion of economic output economic growth and to the integration of national economies into a seamless global economy.
It was the practice of democratic pluralism built on institutional arrangements that seek to maintain a balance between the institutions of the state and the market and protect the right of an active citizenry to hold both institutions accountable to the public interest.
At the time of considering the BrettonWoods Agreements, it was noted that, for a poor country or one in reconstruction, there was a need for long-term loans to provide foreign exchange reserves as a basis for the monetary system, that is, as a backing for its currency.
The imposition of unwarranted conditionalities by the multilateral financial institutions is damaging the credibility and effectiveness of these institutions and presents a major obstacle to the expansion of multilateral lending and to a solution of the debt problem.
The BrettonWoodsinstitutions are probably unique among international bodies in having almost all the key positions held by nationals of developed countries and coming from the same social groups and holding rather uniform policy views.
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