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Discuss to what extent Bretton Wood institutions have been responsive to criticisms and changed in the last two decades. Analyse each institution separately explaining what aspects have been reformed or not, why and how - Essay Example

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The planners of Bretton Wood decided to come up with a system of rules, procedures and institutions that will be able to regulate the global economy of the international monetary system. As a…
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Discuss to what extent Bretton Wood institutions have been responsive to criticisms and changed in the last two decades. Analyse each institution separately explaining what aspects have been reformed or not, why and how
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Extract of sample "Discuss to what extent Bretton Wood institutions have been responsive to criticisms and changed in the last two decades. Analyse each institution separately explaining what aspects have been reformed or not, why and how"

Download file to see previous pages These institutions got established during a meeting of 43 countries in Bretton Woods, located in New Hampshire in the United States in July 1944. The main aims of these institutions based on the ideas of the trio were to assist in rebuilding the crushed post-war economy as well as promoting international economic cooperation. Initially, the Bretton Woods agreement had inclusions of plans of the International Trade Organization. However, these plans were inactive until the creation of the World Trade Organization (WTO) that occurred in early 1990s (Kenen, 1994, p 17.)
There has been a lot of scrutiny that has been done ever since the establishment of the Bretton Wood institutions until now. Over the years and mostly within the last two decades, the number of critics has greatly risen. The criticisms of the International Monetary Fund and the World Bank are based on a variety of issues. However, they are usually centred on concerns about the approaches that are used by both institutions in setting up their policies as well as the way in which they are governed. The criticisms are also based on the economic and social impact that the policies created have on the population of the member states based on the Bretton Wood institutions and the accountability of the impacts (Haq, 1995, p 34). Critics of the IMF and the World Bank have been concerned with the conditionalities that have imposed on the borrower states. The IMF and the World Bank have often attach their loan conditionalities based on the Washington consensus which focuses on the liberalisation of trade, financial and investment sector, privatisation and deregulation of nationalised industries. Most of the conditionalities are created with no due consideration of the borrower countries and thus the recommendations made by IMF and the World Bank has, over the past decades, failed to resolve the economic problems that are in ...Download file to see next pagesRead More
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