ipl-logo

How Did The Ketton Woods Conference Shaped The Current Global Economic System

526 Words3 Pages

It is evident that major wars affect civilization in many ways. It has pushed nations to advance in different fields; science, communication, medicine, and economy, to name a few. In fact, most of the technologies we use was developed for military and warfare purposes. However, as nations got more competitive, war got more catastrophic. Countries realized that they should put a stop to this massacre. Therefore, collaborative agreements and peace keeping systems were put in place. A handful of the economical systems were agreed on during the Bretton Woods conference. The Bretton Woods conference is the core conference that shaped the foundation of current economic structure. It was held in 1944 in a city in New Hampshire by the same name, and …show more content…

These agreements (often called BW Pillars) were: the International Monetary Fund (IMF), World Bank, and the International Trade Organization (ITO). Although most agreements are less relevant nowadays, they all held unique and important parts in shaping said system.
The IMF, which started with a goal of creating an international payment system, now have two functionalities. First, It oversees the financial systems of the member nations. Second, it loans money to nations in need, but only if they promise to seek assistance to fix their financial policies. These functions help the member nations fix, or in some cases establish, their economic system and maintain its stability.
Because most nations were destroyed after WWII, they needed loans to build up their nations, and put food in people’s mouths. This is where World Bank comes in. World Bank is a major funding source for the member nations. With the motto “Working for a World Free of Poverty,” WB provides relief, reconstruction, and development funds while promoting foreign investment. This has helped many countries build up what the war had

Show More
Related
934 Words | 4 Pages

After the war the Americans gained confidence that that helped them in future

Read More
1274 Words | 6 Pages

Also, there was a global belief that the relationship between countries should be regulated by a major force which resulted in the implementation of the Britain Woods Agreement. This was an agreement that was based on a Keynesian idea that the world economy should be regulated in order to prevent an economic crisis from occurring again because the economy of one country can affect other economies of the world. Institutions like the World Bank, and the International Monetary Fund (IMF) were created in order to help regulate the economy on a global scale. This definitely was a model used to reflect the goal of the New Deal in the American economy, but on a global

Read More
1366 Words | 6 Pages

While most certainly brutal and violent, the results of war can be either positive or negative. On one side, countless lives are lost; on the other side, principles are upheld or won, and a new country now has the opportunity to prosper. For instance, the American Revolution. Beginning around 1775 and ending in 1783, the United States of America declared independence from Great Britain and became its own country. growing, prospering, and eventually going on to become the global superpower it is today.

Read More
520 Words | 3 Pages

In wall-e, Fahrenheit 451, and current times we can see examples of this. Currently there are 10 active wars along with 8 other active military conflicts in the world today, all with the help of mechanical and technical advancements in warfare. We have been lucky enough to not have to witness this. However in fahrenheit 451, the citizens of the town were not so lucky, all of whom were killed in the atomic bomb that was let off; a change in an instant. In wall-e, the inhabitants of earth had to completely evacuate the planet; probably the largest current idea of

Read More
600 Words | 3 Pages

War; what is it good for? Well that really depends on where you’re standing. World War I was good for producing short and long term effects. On the short side of things there were rivalries and propaganda. On the long term side, there were new ideas to be utilized by coming generations and new territorial set ups.

Read More
869 Words | 4 Pages

War is a transformative event due to the people at first believing war is exciting opportunity that they should not miss out but later it seemed to be frightening and gloomy which changed them emotionally as well they may get injured and transform the physically. As said by Stefan Zweig in The World of Yesterday which is about Austrians excitement of going into WWI, “the young people were honestly afraid that they might miss this most wonderful and exciting experience of their lives; that is why they shouted and sang in the trains that carried them to the slaughter”(Document H). At first it shows how excited everyone was but then they experience war which causes them to realise that war is not a great time but it is a horrific event that will

Read More
961 Words | 4 Pages

This approach in giving a generous hand to a once enemy state allowed them to rebuild their country and resume their place in the community of nations effectively preserving their sovereignty. US support brought stability in these nations compared to the Soviets where their harsh occupation of East Germany saw increased looting, rape, and

Read More
1161 Words | 5 Pages

War has been happening for Centuries but what is not always talked about is the impacts of war. People had to go through sacrifice and the loss of their innocence during the war. These impacts are shown after the war with PTSD and soldiers being put in hospitals because they will not speak or some might say going crazy. These impacts are portrayed well in the books Night and All Quiet on the Western Front. The book Night by Elie Wiesel shows him and his family being taken away from their home in Sighet and taken to Auschwitz concentration camp.

Read More
980 Words | 4 Pages

War, an act partaken by almost every major nation and civilization that has ever been around in the world. War has been the fall of many civilizations, the cause of deaths of millions and the destruction of the history of people. There has been one war of particular interest that has changed the face of a civilization permanently, and that was the Spanish war with the Aztecs a war that made what the current country of Mexico. This war was diversely influenced by many things such as race and gender and served as a reminder of political and social decisions that should or should not have been made and shows a surprising similarity to events taken in the United States.

Read More
1422 Words | 6 Pages

War was always known to improve society, but it has actually been a burden in the world that has caused so much damage. I believe that the people should have a world without war so their can be more money for the people, and the death rate will decrease. This world should be War-Free because war causes violence and it is arbitrary. Even though, the novel, All Quiet On The Western Front, by Erich Maria Remarque, illustrates events from World War I, it still proves that war can be a dangerous place that leads to negative effects. War is a menacing place which causes so much violence that it has to be removed.

Read More
612 Words | 3 Pages

Swoosh , crash , crackle went the storm of the sea as Amerigo Vespucci turned the ship towards the new world . Amerigo Vespucci was a merchant explorer who claimed to have discovered Latin America . He influenced Latin America by finding out that it was not part of Asia which ment more exploration & many other things that could be done with the new landmass . Amerigo Vespucci was a merchant explorer who changed Latin America forever . Amerigo

Read More
476 Words | 2 Pages

In many stories things happen that are usually not expected by the reader .The short story is about a hunter that fell off his boat and ended up on an unknown island. Throughout the short story he meets a very suspicious general. That was also into hunting, but not the hunting someone would expect. Richard Connell develops the theme that people should expect the unexpected.

Read More
901 Words | 4 Pages

War has always been a significant part of human history. Especially through warfare, technology has dictated the outcomes and therefore is an important factor in the history of mankind’s wars. Historically, American conflicts resulted in technology improving drastically. Conflicts such as the American Civil War, World War I, and World War II were heavily influenced by both detrimental and beneficial technological advancements. However, these wars had both good and bad consequences such as the effect of nuclear weapons, advanced Medicine, and an overall feeling of cynicism and distrust.

Read More
1085 Words | 5 Pages

There are countless reasons on why nations go into war; however, one thing is certain, war influences how societies develop. War and conflicts are moments of rupture that open the possibility for change. Between the Civil War and the present the United States has fought numerous wars for its own benefit, or to help its allies. Some of the wars that promoted the rupture for change in the American society were the War of 1898, World War I, World War II, and the Vietnam War. The United States entered these Wars for various reasons, for instance, the safety of citizens, equality, to show to the world the powerful nation America had become, and to keep democracy alive.

Read More
1163 Words | 5 Pages

Research and find one project of the World Bank or the IMF that created problems for the nation that received its assistance. Describe the project and what the negative outcomes were. Explain whether or not you feel that the negative impacts could have been avoided? Why or why not? Further explain your opinions on whether you believe that international financial institutions such as these could consistently provide assistance in an objective, unbiased and responsible manner.

Read More

More about How Did The Ketton Woods Conference Shaped The Current Global Economic System

Related Topics

Open Document