Money
Matters: An IMF Exhibit -- The Importance of Global Cooperation
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Conflict
and Cooperation (1871-1944)
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Part
6 of 6
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How
Could Leaders Ensure a Future of Global Peace and Prosperity?
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Destruction and Reconstruction |
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New
Economic World Order
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The
Bretton Woods meeting was a smashing success. After much delicate
negotiation and hard work, the delegates agreed on the fundamental
principles of a new monetary system to encourage economic stability
and prosperity. Two intergovernmental institutions were created to
further these principles:
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The International Monetary Fund
- The
World Bank
Soon
after, delegates meeting at Dumbarton Oaks in Washington, D.C., set
up the United Nations, the political counterpart to the Bretton Woods
institutions.
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International
Monetary Fund and World Bank
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credits |
Bretton
Woods: July 1-22, 1944
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The
Bretton Woods meeting resulted in the founding of the IMF and the
World Bank, twin intergovernmental pillars supporting the structure
of the world's economic and financial order. The World Bank finances
economic development, while the IMF oversees the international monetary
system.
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The
IMF
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The
founders felt that a fundamental condition for international
prosperity was an orderly monetary system that would encourage
trade, create jobs, expand economic activity, and raise living
standards throughout the world. The IMF was charged with:
- Helping
each country set a fixed, but changeable, exchange
rate for its currency based on gold
- Assisting
members that have temporary balance
of payments difficulties by providing short- to medium-term
credit
- Overseeing
the international monetary system
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United
Nations
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Dumbarton
Oaks: August 27-October 7, 1944
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The
Dumbarton Oaks meeting resulted in proposals to create the United
Nations, an intergovernmental forum for solving international problems
and disputes. The proposals were adopted at the subsequent meeting
in San Francisco in 1945.
"All
of us here have the greatest sense of elation. All in all, quite
extraordinary harmony has prevailed. As an experiment in international
cooperation, the conference has been an outstanding success."
John
Maynard Keynes
1944 |
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Destruction and Reconstruction |
