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Drawing on one area of public policy, discuss the role and impact of International Organisations in the policy process - Essay Example

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The International Monetary Fund (IMF) and the World Bank (WB) are among the leading lenders all over the world and well known for playing a very significant role in moulding the development of the so-called third world countries. The IMF is made up of 188 member states and was…
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Drawing on one area of public policy, discuss the role and impact of International Organisations in the policy process
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Download file to see previous pages Notwithstanding the above mentioned, the present day mandate of the Bank is broader; alleviation of worldwide poverty in collaboration with its affiliate, the International Development association. The principal aim was to come up with worldwide economic rules which would avert a recap of the Great Depression and its aftereffects (World Bank, 2002, p.1). The USA was on the forefront in these negotiations as it was already evolving from the war with a clear cut technological, military and economic superiority over all other Western partners. The United Kingdom did constitute a measurable portion of the party; not because of its position in the alliance as at that time, but also by the virtue of its representation at Bretton Woods by the globally legendary economists. John Maynard Keynes.
As per the Bretton Woods’ planned new system, the IMF was placed at the core of a new-fashioned monetary system, being in control of a system of fixed but at the same time adjustable exchange rate and lending on an austerely short-term basis to countries facing short-term balance of payments crises. Investment in the post-war economy would be smoothed by the World Bank (the International bank for Reconstruction and Development), which would solicit capital in money markets and advance it at expedient rates to war-torn and developing countries. The very original plan of the Bretton Woods was for the first time considered by the Cold War (World Bank, 2002, p.1). The Marshall Plan publicised in 1947 availed the United States of America with a more instantaneous bilateral way of assuring investment, stabilisation and reconstruction in Western Europe. Nonetheless, by the 1950s, both the World Bank and IMF were unpretentiously taking on a key position in the international economy. While the IMF was concerned with the above-mentioned exchange rate system management role, the World Bank was involved in ...Download file to see next pagesRead More
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