History: The Making of a Global World · Class 10 · CBSE Social Science
Explain two important aims of the Bretton Woods institutions established after the Second World War and mention one limitation of the system.
Practice question from History: The Making of a Global World (Class 10 · CBSE Social Science), with the correct answer and a step-by-step solution.
hard · Subjective · Q-4ED816
Explain two important aims of the Bretton Woods institutions established after the Second World War and mention one limitation of the system.
Answer: The International Monetary Fund was created to deal with external deficits and maintain exchange-rate stability, while the World Bank was established to finance post-war reconstruction and development. Together, these institutions aimed to support international economic stability and employment. However, the Bretton Woods system largely served the interests of the industrial countries, while many newly independent countries had limited influence in it.
Solution
The IMF and World Bank were central to the post-war economic order. Their objectives included monetary stability, reconstruction and development, but decision-making remained dominated by powerful industrial nations.
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