Global Political Economy: Washington Consensus
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Do you agree with the statement that the 'Washington Consensus' led to the transformation of the Bretton Woods institutions into 'Third World debt collecting agencies'?
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This solution discusses the global political economy of Washington.
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Yes it did, at least in part. The Washington Consensus made decisions that changed the way the World Bank and IMF made loan policies and the way the U.S. offered help. Bretton Woods was a monetary system of financial relationships between major countries and the management monetary decisions. This included loans, assets, and infrastructure needs. After World War II, the needs of the economic system worldwide were paramount in getting the world back on its feet. The Bretton Woods set up the institutions (World Bank, IMF) to accomplish these as well as setting procedures and rules for the international community and the organizations that ran them. ...
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