Triumphs and Tragedies of the International Monetary Fund & World Bank

On July 1, 1944, World War II, perhaps the darkest age of the human race, was about to end. The allies have landed in Normandy, and the fall of the Axis powers was inevitably near. Already, the economic visionaries and idealists have gathered at Bretton Woods to discuss the future economy of the upcoming peaceful times. After twenty-two days of meeting, twenty-nine participating nations signed the articles of agreement and the International Monetary Fund was established, with its noble goals - to provide a world of economic cooperation, to maintain a fixed exchange rate, to safeguard a…