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 interest and financial well-being, the IMFs and World Banks humanistic visions should be at the top of the list of the most native and necessary financial institutions. It becomes somewhat anti-productive and fatalistic to envision ongoing panics against the IMF and World Banks purpose and comprehensive strategic plans. Is terrorism the eminent threat? However, appropriate checks and balances are part 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, regular army in July 1944. Forty-four representative governments (The Governances) were in attendance at this conference. The visionary goal, purpose, and function were to construct a comprehensive strategic plan a simulation for stinting cooperation that would avoid repetition of the vi cious 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 Monetary Fund (IMF) has close to 188 countries that participate in its global membership. The IMF manages the challenges and opportunities that are results of globalization and economic development concerning public goods. ... ncil (July 2, 1997), Good governance is important for countries at all stages of developmentour set out 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 stability 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 centre on restoration of growth 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 dedicated to public service (Websters College Dictionary, 1996, p. 360). In Inter gull 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 captain economist of the World Bank and often criticized the IMF and US economic politicspeers assumed he will win a Nobel Prize (p. 1). I utter with Stiglitz several times in April. He was generous with his time, unpretentious, and genial (p. 1). Stiglitz purposively states, The world needs an international development agency the World Bank. Theres the view that it represents a form of corporate welfare that is counter to the IMFs own ideology markets. But anybody who watched government from the inside recognizes that governments need institutions, need ways to respond to crisis (Komsisar, Stiglitz, 2000, p. 1). This is in response