Question 2 - Past Year Questions - 5 Marks - Chapter 3 Class 10 History - The Making of a Global World - History

Explain the role of Bretton Woods institutions in post-Second World War settlement.

Answer:

Points to Remember 

1. The second World war lasted from 1939 to 1945 .There was large-scale death and social and economic destruction. 
2. Bretton Wood Conference - 1944 
3. Primary goal - The maintenance of economic stability and full employment in the industrial world.
4. The International Monetary Fund (IMF) was founded by the Bretton Woods Conference.
5. World Bank was set up to provide funding for post-war reconstruction.
6. 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

1. The second World war was a global war that lasted from 1939 to 1945 . As a result, there was large-scale death and social and economic destruction.  
2. United Nations Monetary and Financial Conference, which took place in July 1944 at Bretton Woods in New Hampshire, USA, established its basic principles. 
3. The maintenance of economic stability and full employment in the industrial world was the primary goal of the post-World War II international economic system. 
4. The International Monetary Fund (IMF) was founded by the Bretton Woods Conference to address the external surpluses and deficits of its member countries.
5. To provide funding for post-war reconstruction , the International Bank for Reconstruction and Development (Now known as the World Bank ) was established.
6. The Bretton Woods institutions achieved their goal as Europe and Japan's economies grew quickly. In the late 1950s Institutions then turned their focus to underdeveloped nations.