Discuss to What Extent the Intended Aims and Objectives of the so-Called Bretton Wood Institutions Have Been Achieved. Analyze Why or Why Not? (Address Each Organization Separately Discussing What Reforms Should Be Made

MN2165 Assignment 1

3. Discuss to what extent the intended aims and objectives of the so-called Bretton Wood institutions have been achieved. Analyze Why or Why not? (Address each organization separately discussing what reforms should be made in the institutions (if any) that failed to achieve their objectives).

MN2165 Global Economy | Assignment 1 |

Introduction

In July 1944, while the Second World War was still going, a conference at a resort in New Hampshire - Bretton Woods - took place. This conference was of high significance and is still considered as such in recent years. All allied nations at that time gathered in Bretton Woods for a meeting that aimed to solve economic problems that occurred after the Great depression and others that were about to occur after the war. This conference led to the creation of two institutions – the International Monetary Fund and the International Bank for Reconstruction and Development, widely known as the World Bank. These two institutions are considered as a collective approach of many countries to prevent economic problems and solve the already existing ones. In the 69 years of existence the original purposes of the institutions have changed and they started dealing with issues of different nature. Both the IMF and the World Bank are considered to be sister organizations of the UN and they are collaboratively working towards improving the world’s economic situation, supporting developing countries and enhancing growth.

The World Trade Organization is part of the Bretton Woods institutions, as its aims are also connected to the world’s economic growth and development. Although having different tasks, all three organizations are the reason for the growth and successful development of many countries, but are blamed for the failure of many of their projects leading to negative opinions of many eminent critics.

This essay will focus on evaluating all three organizations in terms of how successful were they...