The cold war era, the Bretton woods institutions (Part III)
Click here to read full article from source
Pakistan, Oct. 4 -- We have, so far, examined the UN and the ICJ, to see how the powers that be had, at the very outset, emplaced mechanisms to ensure that both were "controlled" to ensure they couldn't run amok; in effect, defanged. But there were also the international financial institutions; what of them?
The original two are the IMF and the International Bank for Reconstruction and Development, IBRD, also known as the World Bank. The latter is the major actor in the World Bank Group. Both were founded on two basic economic principles: the Keynesian Principle i.e. that weak economies could only be bolstered by infusion of wealth; and, "Credit Creation" i.e. giving loans without giving cash and without collateral but, most importantly,...
To read the full article or to get the complete feed from this publication, please Contact Us