GovSpot
      Back to Home

Government Online
Executive Branch
Judicial Branch
Legislative Branch
Local Government
State Government
World Government
Gov. Employees

News
Government News
Political News
Government Reports
Podcasts

The Library
Arts & Humanities
Consumer Info
Gov. Documents
Gov. Search Engines
Grants
Historic Docs.
Libraries
Museums
Statistics

Social Services
Education
Employment
Health
Social Security
Other Programs

Justice and Military
Crime/Justice
Defense
Intelligence
Law

Matters of Money
Business
Commerce
Econ/Finance
Gov. Contracting
Taxes

Science and Travel
Environment
Food/Agriculture
Science/Technology
Transportation
Travel/Recreation

World Affairs
Agreements
Humanitarian Aid
Int'l Affairs
Int'l Organizations
World Gov.
World Leaders

Politics
Politics Online
Elections
Political Parties
Polls/Opinion
Political Science
Political Humor

GovSpot
About GovSpot


Back to Home Page




 
s
s
s
Search GovSpot or Google |   Great Must-See sites   |   Read Articles and Lists | Find answers | Did you know?  
s

WTO, IMF, WB

The World Trade Organization, International Monetary Fund and World Bank are international organizations that regulate financial exchanges between countries. Each group operates differently, but they are all surrounded by controversy, stemming from criticism that the organizations conduct economic business that favors rich nations and exploits less developed ones. Here at GovSpot, we thought now would be a good time to explain exactly what these associations do, and why people are talking about them.

World Trade Organization

The World Trade Organization (WTO) is located in Geneva, Switzerland and has been regulating trade between nations since its creation in 1995. Rules are decided by WTO agreements, which 151 countries negotiate and sign. The goal of the WTO is to help producers of goods and services, exporters, and importers conduct their business. It administers trade agreements, provides a forum for negotiations, deals with disputes between nations and cooperates with other international bodies. You can read more about their mission at the WTO Web site.

Critics of the WTO argue that the trade agreements are written by (and favor) rich nations that have the most access to the negotiations, so these rules prioritize individual interests instead of the interests of the global economy. The WTO has also been criticized for wanting to privatize a number of now public functions, like education, health care and energy. Those who disapprove of the WTO say that if these services were under the supervision of private companies for monetary gain, people who could not afford to pay for them would suffer. For a more in-depth look at why some people are condemning the organization, visit the Web site of Global Exchange, an international human rights organization.

International Monetary Fund

The International Monetary Fund (IMF) is an international organization of 185 countries created to promote economic cooperation and exchange stability (such as exchange rates and international payments). Since its conception in New Hampshire in 1944, the IMF has championed economic growth and high levels of employment, and provided technical assistance and temporary financial assistance to countries with need. The organization's operations deal with reviews of national and global financial developments, advising countries, and providing a forum for discussion.

Critics of the IMF say that since the 1980's, the organization has been bailing out countries during financial crises with emergency loan packages that have specific conditions. With this assistance, countries have to follow the IMF's policies to get loans, international assistance, and even debt relief. Critics argue that the IMF decides how much debtor countries can spend on education, health care, and environmental protection, and essentially controls the economies of about 60 nations. The fact that many of these operations remain secret is another source of dissatisfaction. Global Exchange also has a page on the IMF, where you can read more about people's complaints with the organization.

World Bank

The World Bank was created at the same time as the IMF to help give financial and technical assistance to countries that need it. There are 185 members of the bank, which is composed of two institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).The IBRD deals with middle income and creditworthy poor countries, while the IDA focuses on the poorest countries. The institutions provide loans and grants to developing countries for education, healthcare, and other services.

In his introduction to the book 50 Years Is Enough, Kevin Danaher outlines his criticism of the World Bank and the IMF:

"The unwritten goal of the IMF and World Bank was to integrate the elites of all countries into the capitalist world system of rewards and punishments. The billions of dollars controlled by the IMF and World Bank have helped to create greater allegiance of national elites to the elites of other countries than they have to their own national majorities. When the World Bank and IMF lend money to debtor countries the money comes with strings attached. The policy prescriptions are usually referred to as "structural adjustment" and they require that debtor governments open their economies up to penetration by foreign corporations, allowing them access to the workers and natural resources of the country at bargain basement prices."

To read the full introduction, visit this Global Exchange site.


   --- O.W.

View more articles, issues, questions or lists.

 
 Advertisement


More to Explore

GovSpot
Articles
Questions & Answers
Government Trivia
Lists
In the Spotlight
Issues

Government News
Politics
Government
Reports
Columnists
Op-Ed Pages
Polls
Talk Shows

Related Spots
LibrarySpot.com
HeadlineSpot.com
The StartSpot Network

Back to Home Page




s
s
Find more useful resources in popular areas of the StartSpot Network...
s
Today's Headlines
Grantseeker Resources
Online Museums
State News
Find a University
Click and Give
Online College
Genealogy How-To
Bargain Travel
Dictionaries
Encyclopedias
White Pages

s

© 1999-2016, StartSpot Mediaworks, Inc.
Advertising Information | Privacy Policy