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Case Study: The Bretton Woods System

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For the case of the Bretton woods system USA is still seen to play a huge role in its establishment. They even ensured that all the countries agreeing to the establishment and becoming part of the organization agree to tie their currencies to the dollar as well as having a vote based on the contributions that each member made. Even some of the policy makers during the establishment of the organization agreed that the policies are biased to specific parties in the organization. According to M.J. Stephy is that one of the main persons responsible for the drafting of this policy of tying up your currencies to the US dollar, John Maynard Keynes, is that negotiated monitory system would be whatever the controlling nations wished to make of it (Stephy 2008).Although the Bretton woods system collapsed in the 19070’s the organizations that were in the main economic organizations up to date WTO, IMF and World Bank. With the headquarters of these organizations being only in the developed states also indicates the dominance that they have in the system. Influence from multinationals and transnational companies. Non-state actors like MNC’s are yet another big player in the decision making in these …show more content…

Who ends up buying these industries, it is the same MNC’s. Rajesh explains in his article, IMF encourages structural adjustment, privatization and market liberalization in emerging markets that within the competitive global framework developing countries are left with little choice other than to comply with the neoliberal agenda. As a result countries are left with crippling debts and fragile economies. Meanwhile, foreign investors and multinational corporations gain control of a significant portion of the world’s resources, finances, services, technology and knowledge

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