The so-called Bretton Woods institutions—the World Bank, the International Monetary Fund (IMF), and, to a lesser extent, the General Agreement on Tariffs and Trade (GATT), now the World Trade Organization (WTO)—have all played, and continue to play, key roles in the expansion of economic liberalism
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the WORLD BANK was intitially designed to faciliate reconstruction in post world war 2.. during the 50s they shifted emphasis from development and now generate capital funds from member state contributions and derom bnorring in itnernational finaincial markets.
ITs purpose is to loan these funds with interest for economic develiopment projects. By jumpstating development its lending its designed to not to replace private capital but to stimulatre additional investments by private capital.
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Multilateral investment gguarentee agency: ecourages the flow ofprivate equity capital to developing countrie
IMF orgininal p8urpose was top guarantee exchange rates stability todays it purpose is to act as a lender or last report to keep debtor countries from collapising.
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BRIC: informal group of emerginv economic powers including brazil, russia, india, china and south africa
Group of 7: group of traditional economic powers: Us great brittin france japan ggermany italy and canada who meet annually to address economic problems
World trade organiziton: WTO intergovernmental organization designed to support the principles of liberal free trade; includes enforcement measures and dispute settlement mechanisms; established in 1995 to replace the General Agreement on Tariffs and Trade
Endnotes
Most favored MFN princibles: principle in international trade agreements when one state promises to give another state the same treatment in trade as the first state gives to its most-favored trading partner