WB and IMF Flashcards
(11 cards)
When and where were the IMF and WB established?
In 1944 at Bretton Woods in the USA
What was the aim of Bretton woods
Its aim was to stabilise global finances after the Great Depression in the 1930s and the massive costs of WW2
What is the pain purpose of IMF
The main function of the IMF is to ensure global financial stability, banks and govs pay into a fund which is then loaned out to stabilise currencies
What is the main purpose of the WTO?
The main purpose of the WTO is to promote global trade by reducing barriers such as tariffs and duties
These IGOS promote…
Neo-liberalism as an ideology to deliver economic growth and some argue to protect the hegemony of the USA
What was the IMFs objective in the 1950s
To support post-war reconsruction among developed nations
What was the IMFs objectives in the 70s and 80s
loan money to large development projects in developing countries
What are some of the conditons that are imposted through SAPS
-Opening up of domestic markets, reducing the role of the gov, removing restrictions on capital, reducing government spending and devaluing the currency
What do countries sacrifice as a result of SAPs
Many countries sacrificed their economic sovereignty as they liberalised their economies
When was the highly indebted poor countries initiative (HIPC) introduced?
In 1996 which aims to reduce national debts by partially writing them off in return for SAPS
The HIPC initiative affected…
36 of the worlds least developed countries withthe greatest debts
