THE IMF AND WORLD BANK Essay Example | Topics and Well Written Essays - 1250 words

THE IMF AND WORLD BANK - Essay Example1). With such goals and objectives of civilizations best use up and financial well-being, the IMFs and World bevels humanistic visions should be at the top of the numerate of the most essential and necessary financial institutions. It becomes somewhat anti-productive and fatalistic to envision ongoing threats against the IMF and World verifys purpose and comprehensive strategic plans. Is terrorism the eminent threat? However, appropriate checks and balances are pull up stakes of strategic planning definitions and comprehensive operations.Who and what is the IMF? The IMF (known as the Fund) was created/constructed at a United Nations Conference in Bretton Woods, New Hampshire, USA in July 1944. Forty-four representative governments (The Governances) were in attendance at this conference. The visionary goal, purpose, and buy the farm were to construct a comprehensive strategic plan a framework for economic cooperation that would avoid repea t of the vicious circle of competitive devaluations that have contributed to the Great Depression of the 1930s (IMF, 2012, p. 1).IMF Activities and Public Goods The International financial Fund (IMF) has approximately 188 countries that participate in its global membership. The IMF manages the challenges and opportunities that are results of globalization and economic development concerning creation unslopeds. ... ncil (July 2, 1997), Good government is important for countries at all stages of developmentour approach is to concentrate on aspects of good governance related to macroeconomic policies namely the transparency of government accounts, the effectiveness of public resource (public goods) management, and the stableness and transparency of the economic and regulatory environment for private sector activity (IMF, 2012, p. 2). The IMFs role of governance and management of public resources or public goods during global economic crisis has been focused on restoration of supp uration and jobs. In doing this, the IMF has emerged as a public goods and resources management institution. The IMF is referred to an institution. By definition, institution means an organization, one utilise to public service (Websters College Dictionary, 1996, p. 360). In Interview with Joseph Stiglitz (2000), by Lucy Komisar, Joseph Stiglitz member and chairman of the Presidents Council of Economic Advisors cautioned against free market shock therapy (Komisar, 2000, p. 1). In 1997, he became chief economist of the World Bank and often criticized the IMF and US economic politicspeers assumed he will win a Nobel appreciate (p. 1). I spoke with Stiglitz several times in April. He was generous with his time, unpretentious, and genial (p. 1). Stiglitz purposively states, The world necessitate an international development agency the World Bank. Theres the view that it represents a form of corporeal welfare that is counter to the IMFs own ideology markets. But anybody who watche d government from the inside recognizes that governments need institutions, need ship canal to respond to crisis (Komsisar, Stiglitz, 2000, p. 1). This is in response