INTD 200 Chapter Notes - Chapter 9: The Wall Street Journal, Crony Capitalism, Social Capital
5 Dec 2012
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Document Summary
Timeline: bretton woods conference of 1944, growing influence during the 70s and 80s financial and economic crisis, promote saps promote strong and stable economic growth. The origins of the imf and world bank. European powers: characterized by flexible exchange rates. Bretton woods system: establishment of fixed exchange rates between national currencies, backed by us dollars backed by gold, intended to provide stable monetary conditions for expanding world trade. Voting rights are weighting according to quota subscriptions: advanced industrial countries hold the majority of the vote, voting power translates into direct representation at board meetings. The board of executive directors: approve loans and guarantees, set the administrative budget, vet country assistance strategies, make borrowing and financial decisions, 24 seats on board chosen through shares. The us and eu have the unilateral power to choose presidents: us of world bank, eu of imf. Period of instability and crisis in the global economy.
