“Bretton Woods Institutions- World Bank and IMF- need an overhaul”. Comment on this statement.
Answer: The Bretton Woods Institutions - World Bank and International Monetary Fund- were set up at a meeting of 43 countries in Bretton Woods, USA in July 1944. Their aims were to help rebuild the shattered post-war economy and to promote international economic cooperation. However, currently these global institutions need to be reformed in order to restore the legitimacy and effectiveness of the institution.
Issues with Bretton Woods Institutions
- Lack of transparency
- Run by just a small number of economically powerful countries
- Inadequate representation of the developing and less developed countries
- Monopoly of west
- Inefficient in playing leadership role during crisis
- Inability to ....
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