Sample Essay

After so much discussion the question that arises in the mind is that why there was a need of such organizations, or what was their reason of existence. To find the answer of this question we have to go back in the postwar period. In that era that is the 1940’s people around the world had very limited access to goods produced outside their country. Similarly because of the economic unrest investors were also reluctant of foreign investments. Consequently because of the declining economic conditions, governments placed bans on international economic transitions and importing foreign goods just to encourage local investment.

Soon after this the American and the British thin tanks started to plan the rebuilding of international capitalism because this was the only way which would bring together the global economy. In this regard the two organizations which were designed were International Trade Organization (ITO) and International Monetary Fund (IMF). The primary objective of both the organizations was to work on strategies which would help in eliminating the depression era economics and also can offer some stability. ITO was held responsible for reduction in trade barriers, while the IMF would help in removing barriers to trade in currencies (Held & McGrew, 2003).

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