Application: Critical Analysis
Much can be said about the International Monetary Fund (IMF) and the World Bank (WB). Beginning with the facts, both are international institution established after the Second World War to promote economic cooperation and development. They are part of the United Nations (UN) system, providing financial and technical assistance to countries around the world. Although membership is voluntary, almost all nations are members. Furthermore, both organizations have made critical contributions to ensuring and promoting global economic stability, development, and integration. Yet, despite their contributions the organizations are often criticized. Their achievements in aiding developing nations are viewed as ineffective and dependency generating, while the organizations’ contributions to the world’s economies are denounced as unappreciated, hindering, or interfering.
To gain a better understanding of the two institutions, the following assignment will briefly discuss the International Monetary Fund (IMF) and the World Bank (WB). It will provide an overview of the organizations’ missions, histories, funding, and policies. It will review criticisms leveraged against them as well as assess their achievements and contributions to development. Focusing on the issue of poverty, it will assess the organizations’ effectiveness and potential policy and program shortcomings. Concluding remarks will critically assess the significance and role of both agencies.
The International Monetary Fund (IMF)
The International Monetary Fund (IMF) was conceived in 1944 at the Bretton Woods Conference and officially established in 1945 (IMF, 2014). Its creation was motivated by protectionist and aggressive trade policies that have n...
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