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To what extent do organizations like the IMF, WTO, and World Bank challenge the nation states ability to shape domestic economic and social policy?

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  • Essay length: 1972 words
  • Submitted: 02/05/2012
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University Degree International Politics

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To what extent do organizations like the IMF, WTO, and World Bank challenge the nation state's ability to shape domestic economic and social policy?

At the conclusion of World War II, several international institutions were established to manage the world economy and prevent another Great Depression from happening again. These institutions include the International Monetary Fund (IMF), the International Bank for Reconstruction and Development (now called the World Bank), and the General Agreement on Tariffs and Trade (GATT), which was expanded and institutionalized into the World Trade Organization (WTO) in 1995. These institutions have not only persisted for over five decades, but they have also expanded their mandates, changed their missions and increased their membership. Part of the problem for these institutions lies in their legacy. They were designed to help the developed countries create a cooperative and stable world economy in a nonglobalized world.

The IMF was established to support the fixed exchange rate system created at the Bretton Woods conference in 1944; its role was to aid countries that were experiencing difficulties in maintaining their fixed exchange rate by providing them with short term loans. The IMF also maintained global monetary cooperation and

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