Explain the role of Bretton Woods institutions in post-Second World War settlement.
Answer:
Points to Remember
- The second World war lasted from 1939 to 1945 .There was large-scale death and social and economic destruction.
- Bretton Wood Conference - 1944
- Primary goal - The maintenance of economic stability and full employment in the industrial world.
- The International Monetary Fund (IMF) was founded by the Bretton Woods Conference.
- World Bank was set up to provide funding for post-war reconstruction.
- In the late 1950s , the Bretton Woods Institutions twins —the World Bank and the IMF started to focus more on newly industrializing nations .
Answer to be written in the exam
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