International Monetary Fund was created in 1945 with the purpose of facilitating trade, improving capital flows, controlling exchange rates and basically helping Europe reconstruct its economy after the devastation of the Second World War. However over the decades, the role expanded and changed considerably as IMF became a financial institution that advises countries on economic policies, acts like a development agency and also steps in during times of financial crisis to maintain and reestablish order. In this way IMF has been doing something which is not consistent with its original role as mandated by the Articles of Agreement of 1944.
With the end of the Bretton Woods era, IMF's role expanded considerably and it has now become the main economic regulations body of the United Nations. It plays an important in regulating world economies by offering members advice on the issues of monetary and fiscal significance. Though often seen in a negative light by the developing countries, IMF has played a critical role in stabilizing and improving the financial health of many world economies in crisis. The work of IMF is closely tied to the aid given by the World Bank and this is where the conflict arises. IMF would often ask the member countries to follow its advice or forget about the aid.
Conditionality is seen as central to IMF lending, meant to assure...
In some countries, the effects of the SAP doctrine of privatization have proved devastating. Kline (38) also notes IMF's loans stipulating that countries who borrow money change certain practices, that albeit, may be aimed at improving conditions also foster concerns. Rather than having to assure a goal is achieved at a particular time, ethical decisions might best only call for steps that advance conditions for a desired goal to
International Lending and Financial Crises There has been remarkable growth in the gross and net external positions and international capital flows in the last two decades. This represents growth of nearly three times among industrialized or developed countries and has led to large effects on the valuation of asset price and exchange rates have also changed considerably with these countries having larger external assets and liabilities. This increase in international capital
Globalization in the economic sense - economic, social and technological process that advocates a constant interdependence at a global level, supporting trade liberalization. International Monetary Fund (IMF) - an international financial organization that monitors the global financial flows and that offers financial assistance to Third World countries. African Festival of Arts and Culture (FESTAC) - cultural festival that promotes and sustains the revival of the Black cultural values and civilization. 1945 - the
Legitimacy of International Institutions International institutions are based on the multilateral treaties or the agreements among multiple states. States generally enter in the treaties to promote their common aims, and law recognizes the existence of international institutions. Typically, international institutions are established based on the charters that bind the member states together. "International institutions are the set of rules means to govern international behaviours" (Simmons & Martin 2001 P. 194). This
political scenario illustrated that governments all over the globe are making their immigration rules more stringent because of the rise in terrorism; the implication of this phenomenon is a decrease in international traveling, which endangers continuance of a number of airlines, including Nigeria's Arik Air (Eze, 2010). Hofstede's power distance dimension denotes the degree to which unequal distribution of power is anticipated and accepted by the lower ranking members
Pictures on the news of American flags being burned seem to appear more often than they used to. Perhaps my generation just isn't used to having our nation criticized to the extent that it has been since our response to September 11; we all know there have been anti-American protests in the past, that flags have been burned and protests against certain American military endeavors waged. Anti-Americanism has many definitions
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