Agreement for its creation came at the United Nations Monetary and Financial Conference in Bretton Woods[?], New Hampshire, USA, in 1944; the organisation came into existence in 1946, as part of a post-WWII reconstruction plan, and began financial operations on March 1, 1947. Accordingly, it is sometimes referred to as "a Bretton Woods institution", along with the Bank for International Settlements and the World Bank. Together, these three institutions define the monetary policy shared by almost all countries with market economies. In order to gain access to IMF loans, BIS privilege, and strategic World Bank development loans, a country must normally agree to terms set forth by all three organizations.
The role of these institutions has been controversial among some since the late Cold War period - when critics claimed that IMF policies deliberately bent to support right-wing military dictatorships friendly to American and European corporations, but in general hostile to democracy, human rights, and labor rights. This controversy helped spark the anti-globalization movement. Others say IMF has little power to democratize sovereign states, nor is that its stated objective. However, its advice is intended to promote financial stability, and this may indirectly further democracy. Economic chaos is seldom a good starting point for a stable democracy.
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