This weeks reading by Jeffrey Friend highlighted the hurried economic reconstruction that occurred after World War II. Due to the total devastation of factories and also the workforces of Europe, the world’s economies plummeted to a point that seemed unable to be saved. Fortunately, the United States began preparing for this recession as soon as the war began; anticipating an economic fallout, the United States called upon economic experts such as Frederic Keynes who attempted to brainstorm solutions to this inevitable issue. Thus came the creation of the Breton Woods Institutes.
The passing of these international agreements established the international monetary fund, the general agreement on tariffs and trade, and also the international bank for reconstruction and development, with the latter two eventually becoming the World Trade Organization and the World Bank, respectively. These three institutes ensured international and domestic economic stability and also regulated international trade Just enough so that countries could trade freely while still abiding by regulations that instilled equal trade opportunities.
Don’t waste your time!
Order your assignment!
With the Breton Woods Institutes, our world was able to recover from a potential economic downfall and eventually develop into a fully-connected global economy. Through the establishment of the World Bank, many poorer countries have been able to gain the support needed to create an infrastructure for not only their economy but also their society. For example, recently, the Bola disease has spread throughout Western Africa and has been deemed one of the most deathly medical epidemics in recent years.
Thus, in order to combat this disease and also promote international cooperation, the World Bank stated on September 25, 2014 that they loud nearly double their financing to $400 million, therefore granting approximately an additional $170 million to fund research programs and to also provide direct medical attention to those with symptoms. The funding was also provided in order to train the health care workers in Western Africa and provide them with greater tools and equipment.
This example of monetary assistance was one of the main goals of the Breton Woods Institutes, in particular the international bank for reconstruction and development, as Friend states that the goals of the plans were to “[protect] citizens against the vagaries of unemployment, sickness… ND poverty’ and to also provide undeveloped nations with needed capital (297).
Thus, through the monetary reinforcements provided by the World Bank to Western Africa in order to combat the Bola crisis, we can realize that the Breton Woods Institutes were essential to not only the promotion of international free trade but also the firm establishment of cooperation within the entirety of the world itself. “Global Capitalism Jeffrey Friend. ” Global Capitalism Jeffrey Friend. N. P. , n. D. Web. 02 Feb.. 2015. “News. ” World Bank Group to Nearly Double Funding in Bola Crisis to $400 Million.