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