Bretton Woods organisations

Robert Walker

Chapter 9 in Is China Right?, 2026, pp 116-130 from Edward Elgar Publishing

Abstract: Products of a meeting held in Bretton Woods in 1944, the IMF and the World Bank are arguably more powerful than the UN because they control finance. While seeking respectively to ensure global financial stability and foster development, the IMF and World Bank owe allegiance to the developed world as their principal sponsors and decision-makers. The global South, the main recipients of assistance, have little ability to influence the policies of either institution. Both committed to neoliberal agendas, notably during the era of the Washington Consensus (whose name reflects their location), each promotes market reforms that seek to maximise returns for private investors. Growth policies have been destructive of the environment, allegedly infringed human rights and sometimes increased poverty and inequality rather than reduced them. Developing countries are increasingly able to turn to newly established development banks, albeit not yet offering concessionary funding needed by the least developed nations.

Keywords: International Monetary Fund (IMF); World Bank; Asian Infrastructure Investment Bank (AIIB); New Development Bank (NDB); Development; Poverty (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035329229
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