18 Questions
What is one of the criticisms free-market economists have towards the IMF?
Structural adjustment programs undermine market responsiveness.
How was the IMF criticized in the aftermath of the 2007–9 global financial crisis?
For failing to prevent the crisis by identifying its causes.
What was one of the calls for reforming the IMF after the global financial crisis?
To strengthen its ability to regulate the global financial system.
What distinguishes the World Bank from the IMF in terms of their primary function?
The IMF has a redistributive function.
What do the IMF and World Bank have in common?
They were both created by the Washington Consensus.
Why were developing states favored in minor adjustments to the IMF?
To strengthen their voting rights within the organization.
What bodies formed the basis of the Bretton Woods system?
International Monetary Fund, World Bank, and General Agreement on Tariffs and Trade
Which organization replaced the General Agreement on Tariffs and Trade in 1995?
World Trade Organization
What led to the breakdown of the Bretton Woods system in the early 1970s?
Floating exchange rates replacing fixed exchange rates
Critics of the IMF, World Bank, and WTO argue that they have deepened global disparities by:
Helping to produce an unstable financial order
The global financial crisis of 2007–9 and the global coronavirus pandemic raised concerns about the effectiveness of:
Global economic governance
The rise of the BRICS nations suggests possible alternative models for the future of:
Global governance
What was the main responsibility of the International Bank for Reconstruction and Development (IBRD), also known as the World Bank?
Providing loans for reconstruction and development
Which organization replaced the General Agreement on Tariffs and Trade (GATT) in 1995?
World Trade Organization (WTO)
What was the primary function of the International Monetary Fund (IMF) within the Bretton Woods system?
Promoting international financial order
What was the relationship between the US dollar and gold according to the Bretton Woods system?
US dollar was convertible to gold at a rate of $35 per ounce
Which organization focused on maintaining stable exchange rates by fixing currencies to the value of the US dollar?
International Monetary Fund (IMF)
What was the primary goal of the General Agreement on Tariffs and Trade (GATT) within the Bretton Woods system?
Advancing free trade by reducing tariff levels
Test your knowledge on the criticisms faced by the IMF in relation to structural adjustment programs, entrepreneurial culture, and responses to global financial crises. Explore the debate surrounding the IMF's effectiveness in addressing economic instabilities.
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