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Lecture 18

Lecture 18: World Trade Organization, World Bank and IMF

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McGill University
International Development
INTD 200
Warren Allmand

Lecture 18: World Trade Organization, World Bank and IMF 12/16/12 9:22 AM IMF and the World Bank: Bretton Woods Institutions The WTO is not a Bretton Woods Institutions. All three of these institutions have clashed with the UN’s main goal at some point or another. WTO and Development Agencies • Economic globalization • Applicability of economic, social and cultural rights Bretton Woods Institutions • World Bank and IMF • Created to ensure economic stability and to deal with poverty reduction • Left: entrenching global poverty • Right: to bureaucratic, not relevant • SAPs • World Bank: provide loan interest loans to developing countries for infrastructure o Post war reconstruction in post ww2 Europe à over run by the Marshall plan o 1950s: switched focus to the developing world o head office in DC, 100 offices world wide o Policy Body: board of governors, usually ministers of finance of member countries § Meet once a year o Major day to day decisions: 25 member executive directors o Voting is weighted based on donations o President has always been an American o Voting: based on quota subscriptions § Shifted in the favour of wealthy countries o First world bank loan was made to France o International Development Agency § Sub-institution § Loans and grants to the poorest countries o 1970s: period of
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