Paper Summary:

The surge in globalization for the past two decades has exacerbated the gaps between rich and poor. It has also pointed out imbalances in rule-making, with those that favor market expansion becoming more robust and enforceable; among these are rules concerning intellectual property rights and trade dispute resolution. This paper explains that it is arguable that the Bretton Woods agreement was successful. It could easily be argued that it served to minimize the disparity, not enhance it, by virtue of the loan provisions. It could be argued that while the poor are always with us, so are the rich. The paper argues that the Bretton Woods agreements, in themselves, might be regarded as an unqualified success in the history of world economics; what has failed, however, is the construction of a world philosophy that would allow nations to enter into such agreements in the true sense of global prosperity Bretton Woods-in the waning days of the world's worst war following the world's worse economic era-sought to foster.

Introduction
Promoting International Monetary Cooperation
Maintaining Orderly Exchange Arrangements
Facilitating Multilateral Payments
Conclusion

From the Paper:

"The International Monetary Fund (IMF), the most essential outgrowth of the Bretton Woods conference in July, 1944, has drawn not only critics, but also protestors. In September, 2002, about 2,000 protestors were kept in line by police officers in Washington, D.C. Police took "649 people into custody while avoiding the mass violence that has marred other such demonstrations in recent years" (Franken et al 2002). At the time, finance minister of the Group of 24, also known as G-24, were meeting. Their task is to "coordinate the positions of developing nations on monetary and finance issues and to ensure that those positions are adequately represented to the IMF and World Bank." G-24 has eight member states in Africa, Asia, Latin America and the Caribbean. Also meeting were the finance minister of the Group of 7, or G-7, to discuss economic and financial issues of the major industrial nations-- Canada, Japan, France, the United Kingdom, Germany, the United States and Italy. The headquarters of the IMF is in Washington, D.C."

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