International Monetary Fund

INTRODUCTION Founded 53 years ago in the fast season of the 1940s to stabilise the world economy, the International fiscal broth (IMF) has become outdated, ineffective, and unnecessary. Most of the economic conditions that led to the IMFs unveiling no longer exist; in addition, the Fund has failed to arrive at considerably-nigh of its own immature(a)ly defined roles, a preponderance of which middling duplicate the functions of other existing agencies and organisations. When the IMF was founded, economies around the world were in shambles following the Great Depression of the 1930s and the wipeout of World War II. The low economic policies pursued by many countries during the 1930s had left currency values uncertain, clogging trade. Those who created the IMF believed that it could help restore confidence in the worlds currencies by establishing a specified value for each currency in coition to an amount of cash, a practice known as the flamboyant standard. The IMF maintained these values by infusing money into world financial markets, but its efforts had mixed results. When the gold standard was abandoned in 1971, it was replaced by a floating exchange rate system that allowed currencies to fluctuate in value. Bereft of its old mission, the IMF chose a new one: to act as a development deposition financial institution for poor countries.

The data for the past trinity decades, however, demonstrate once and for all that most of the less highly-developed countries receiving IMF loans have the same or lower per capita wealth instantly than they had before receiving these loans. Many of the missions the IMF has chosen to cut d! o not require any involvement by the Fund. Congress should study the IMFs overall effectiveness in accomplishing its state purposes, as well as its impact on poor and developing countries. If it does, it forget find that the IMF... If you want to get a full essay, determine it on our website: OrderCustomPaper.com

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