The International Monetary Fund
During the 1930s the world was experiencing the greatest economic crisis it had ever seen—The Great Depression. Entire countries’ economies were beginning to fail and many attempted to rectify the issue by raising barriers to foreign trade, further escalating the issue. By this time, world trade had declined by 66%—over two billion dollars (IMFWEBSITESOURCE). The future founders of the International Monetary Fund, or IMF, realized something had to be done. In 1944, representatives from 45 different countries met in the town of Bretton Woods, New Hampshire, to formulate a framework for the IMF, which would be established after the end of World War II. They agreed on a sort of par value system that would keep constant currency exchange rates with relation to the U.S. dollar, …show more content…
Since its inception we have seen many policy revisions that have led to great things. The collapse of the Bretton Woods system was used to the organization 's advantage and many things were learned. With the plans currently in place to improve policies to better aid members and cooperation with other critical organizations like The World Bank, continued positive influence on the global economy is all but certain.
As member countries pay back debts and grow their economies with the advice of the IMF, the organization will surely grow. The success of the organization in this area in the past with countries like those in Africa and those of the former Soviet bloc hints at this.
New challenges will surely present themselves in the coming years, just as in those past, and the IMF will rise as it has before, adapting itself to provide the aid and services needed to overcome these trials. In a global economy as dynamic as the one today, stability is uncertain, but with the cooperation fostered by organizations like the IMF, the future looks