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The document discusses the Bretton Woods system and international economic organizations established after World War II like the IMF, World Bank and WTO. It provides background on these organizations and their roles in facilitating global trade and economic development. In the 21st century, there is a view that these organizations need reform to operate in a fairer manner.

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Akira Kurusu
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8 views12 pages

XSFFFFCVE

The document discusses the Bretton Woods system and international economic organizations established after World War II like the IMF, World Bank and WTO. It provides background on these organizations and their roles in facilitating global trade and economic development. In the 21st century, there is a view that these organizations need reform to operate in a fairer manner.

Uploaded by

Akira Kurusu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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MARKET

INTEGRATION

lesson 3-4-5
Economic Development During
and After the World War II

The private economy boomed as the


government sector stopped buying
amunitions and hiring soldiers. Factories
that had once made bombs now made
toasters, and toaster sales were rising.
A key factor in the depression was thought to be
a lack of cooperation among nation-states. Lack
of cooperation was associated with high tariffs
and other import restrictions and protectionist
practices as well as the propensity of
governments to devalue their currencies in order
to gain an edge in global trade over other
countries.
The Bretton Woods
System
1. Create asset of rules that would maintain fixed
exchange rates in the face of short-term
fluctuations

2. Guarantee that changes in exchange rates would


occur only in the face of long term persistent
deficits or surpluses in the balance of payments
3. Ensure that when such changes did occur, they
would not spark a series of competitive
devaluations
General Agreements
on Tariffs and Trade
- was a legal agreement minimizing barriers
to international trade by eliminating or
reducing quotas, tariffs, and subsidies while
preserving significant regulations.1

The GATT was intended to boost economic


recovery after World War II through
reconstructing and liberalizing global trade.
The World Trade
Organization (WTO)
- is the only global international
organization dealing with the rules of
trade between nations.

At its heart are the WTO


agreements, negotiated and signed
by the bulk of the world’s trading
nations and ratified in their
parliaments. The goal is to ensure
that trade flows as smoothly,
predictably, and freely as possible.
The International
Monetary Fund
(IMF)
is an international organization
that promotes global economic
growth and financial stability,
encourages international trade,
and reduces poverty.
The World Bank
is an international organization dedicated
to providing financing, advice, and
research to developing nations to aid their
economic advancement

The bank predominantly acts as an


organization that attempts to fight
poverty by offering developmental
assistance to middle- and low-income
countries.
In the
twenty-first century, the
organization that was spawned

Changes in by Bretton Woods The World


Bank, The International
Bretton Monetary fund, and the World
Woods Era Trade Organization are
Organization undergoing dramatic changes.
According to Weisman 2007
“The Bretton Woods system has
become outmoded. It has
served us very well for a long
time, but these institutions
haven’t changed with the times.
They need to be rethought and
restructured.
The interest and ideology of the
Western financial community as well
as because of its lack of a coherent
program grounding in economic
fundamentals. It, and much else,
needs to be reformed in order to
operate in a fairer manner and with
a more “human face”
Thank you!

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