Many blame Latin America’s large economic problems of the past 20 years on the different economic development models and especially the Washington Consensus. Before examining the Washington Consensus and its effects on Argentina and Bolivia, it is important to understand how these organizations began and what the primary objectives were in this region at that time. By observing these origins one is able to see why policies such as the Washington Consensus were eventually adapted. The Bretton Woods Conference was the birthplace of the international financial organizations that would eventually become responsible for international aid and development. The Bretton Woods conference is where the U.S. and international community finally created these influential financial institutions after several failed attempts.
The Bretton Woods Conference
The Bretton Woods conference, which was held...
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...iving force behind the failed economic policy the Washington Consensus. What began after the failure of the IAB in Bretton Woods, New Hampshire have today become the long lasting international aid and development monetary agencies. By understanding how these organizations began and how their policies work one is better to understand why such policies were enforced. The strict and inflexible natures of many of the policies have limited states ability to grow and strengthen at their own pace. In the case of Argentina the events that occurred 1980s obviously due to economic conditions that were not exactly appropriate. As such, the IMF, World Bank, IBRD and U.S. Treasury all worked together to promote a blanket policy in a region that called for more individual attention. The next chapter will discuss the Washington Consensus policy formation, goals and criticisms.
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