International Financial Institutions
This is the generic name given to the Bretton Woods Institutions, which originated at the Bretton Woods Conference of 1944. These include:
- The International Monetary Fund (IMF).
- The International Finance Corporation (IFC), which assists with private sector investments for its 175 member countries. The IFC works by mobilizing capital on the international financial market and by providing advice and technical assistance to governments and businesses in poorer countries. It is a member of the World Bank and aims to reduce poverty through promoting sustainable private sector investment.
- The World Bank.
These institutions were established to guide and manage the world economy in the post-war period. More recently, they have become major players in the globalization process. Given their importance, it is unsurprising that they attract wide-ranging criticisms, including calls for greater transparency and accountability and a stronger focus on the interests of the world's poorest nations.