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IMF: Protagonist or Antagonist? Perfection is an idea which is difficult to strive for, when the concept is applied to decision making. The perfection ? or more
Submitted by B42O on March 14, 2006
Category: Business
Words: 2119 | Pages: 9
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Perfection is an idea which is difficult to strive for, when the concept is applied to decision making. The perfection or more precise, the suitability of the final decision, must be evaluated. Generally, it can be assumed that when more individuals are involved in the decision making process, their knowledge combined together will produce a better outcome. As an international organization, the International Monetary Fund has hundreds of individuals putting their heads together to contemplate actions that should be taken to ensure a better flow of the economy. With their man-power' and abundant resources, their decisions should likely be correct for the majority of times. Nevertheless, human error may factor in the process and cause mistakes to be made however, such mistakes should not be repeated as it may be detrimental to economies. Moreover, if certain mistakes' tend to reappear, it may be questionable whether it was accidental or even consider whether it was caused deliberately by human intention. The IMF seems to be neglecting the true needs of impoverished countries continually making unsuitable decisions allowing these countries to take on huge debts which they cannot possibly repay. The outcome is that strong countries, such as the U.S., maybe able to control third-world economies.
It all began on July 22nd, 1944 in the United States of America, at Bretton Woods, New Hampshire. A Conference was held between Fabian Society member, John Maynard Keynes and the Assistant Secretary of the United States Treasury, Harry Dexter White to discuss the reconstruction and worldwide economic development. The agreement of the Bretton Woods Conference, as it has come to be known, was officially called the United Nations Monetary and Financial Conference Keynes's suggestion of creating an International Clearing Union as part of a post World War II reconstruction plan and was contained in this agreement. Consequently, the IMF was founded in...
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