Bretton Woods, IMF, WB PDF

BRETTON WOODS: THE WORLD BANK, AND THE IMF BRETTON WOODS CONFERENCE (1944) Bretton Woods, New Hampshire 730 delegates from 44 nations Three weeks 29 countries signed the initial agreement BRETTON WOODS CONFERENCE (1944) First time in modern history an international agreement w...

BRETTON WOODS: THE WORLD BANK, AND THE IMF BRETTON WOODS CONFERENCE (1944) Bretton Woods, New Hampshire 730 delegates from 44 nations Three weeks 29 countries signed the initial agreement BRETTON WOODS CONFERENCE (1944) First time in modern history an international agreement was reached to govern monetary policy The goal was to ensure global monetary stability (big deal after the depression) Value of currency standardized on gold Paper money of each nation could be cashed in for gold RESULTS: Created two organizations The International Monetary Fund The World Bank INTERNATIONAL MONETARY FUND International Monetary Fund Funded by member countries Goal was to increase world trade and free markets Promotes trade by increasing the stability and exchange of major currencies Short term loans to countries with balance of payment problems WORLD BANK The World Bank Was designed to provide long term loans to developing countries Countries had to follow certain rules Reduced government spending on social programs (education, health care, subsidies) Reduced corruption in government Allow competition in the marketplace (let Transnationals in) CRITICISMS World Bank IMF Sometimes viewed as an extension of Larger member countries have more the White House (headquarters in the control US) Conditions imposed with loans often Free trade can sometimes come under fire (too harsh, support disproportionately benefit the larger non green industries, cause social nation problems) IMF focuses too heavily on economic Seen as a tool for corporate issues and not others (including advancement (forcing international labor) trade) POLITICAL CARTOONS Uses a visual medium to criticize a topic Often (though not always) employs humor Criticizes by comparison, irony, exaggeration, symbolism Theo Moudakis, Toronto Star http://www.thestar.com/opinion/editorial_cartoon/2015/11/18/theo-moudakis- Theo Moudakis, Toronto Star http://www.thestar.com/opinion/editorial_cartoon/2015/11/09/theo-moudakis- Greg Perry, Toronto Star http://www.thestar.com/opinion/editorial_cartoon/2015/10/19/greg-perry-trans- Theo Moudakis, Toronto Star http://www.thestar.com/opinion/editorial_cartoon/2015/10/06/theo-moudakis- POLITICAL CARTOONS Create your own political cartoon to comment on the World Bank and IMF Use comparison, symbolism, irony, exaggeration to get your point across Don’t use a ton of text! Possible ideas if you’re stuck: World Bank as an extension of the Whitehouse Loan conditions (promote certain industries, damage to social programs) from the World Bank Economic issues favored over social or environmental in the World Bank and IMF Large countries have the most control in the IMF