International Financial Institutions

Question 1

How was the Bretton Woods system founded?

Answer 1

Founded on the establishment of fixed change rates between national currencies

Question 2

What were the three goals of the Bretton Woods system?

Answer 2

Institutionalize consultation on international monetary changes which affect others
Outlaw practices which are harmful to world prosperity
Assist each other to overcome short term exchange problems

Question 3

What was the outcome of the Bretton Woods system?

Answer 3

The IMF (control currency speculation and fluctuation)
The IBRD (World Bank) (make loans at a preferential rate for post war rebuilding)
ITO (failed to facilitate trade)

Question 4

What does weighted voting rely on?

Answer 4

Quota subscriptions (based on relative economic power/credit deposit)

Question 5

When and why was the UN system created?

Answer 5

1945 to replace League of Nations

Question 6

What were the main principles of the UN?

Answer 6

Maintain international peace and security
Develop friendly relations among nations
Cooperate in solving international problems
Promote respect for human rights

Question 7

What were the programs that derived from the UN?

Answer 7

UNDP (defines the concept of humanist security)
UNHR (came up with the legal definition and rights of what a refugee is)
UNICEF (primarily instrumental rights for children)
UNCTAD (supported the Washington consensus and is against the UNDP)

Question 8

As of 2011, what four clusters of issues was the UNDP focusing efforts on?

Answer 8

Governance, with emphasis on participation and responsive institutions
Poverty reduction, as defined by the Millennium Development Goals
Crisis prevention and recovery
Addressing climate change, environmental degradation, and energy deficits for the poor