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The Bretton Woods Institutions


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The International Monetary Fund (IMF)
The body set up to oversee flows of global capital markets.
The World Bank
The body set up initially to help redevelop countries devastated by WW2 which no attempts to aid poverty reduction in LEDCs
The World Trade Organisation (WTO)
The body set up to facilitate the reduction of protectionism by organising negotiations aimed at reducing trade barriers such as tariffs
The Bretton Woods conference
The post-war conference aimed to foster world economic development and integration.
Most-favoured-nation principle
Where countries who are members of the WTO have to give the same reduction of a tariff or quota to all countries after granting to one.
National treatment
A WTO guideline that states domestic and foreign-owned suppliers must face the same treatment in domestic markets.
Trade creation
Increased trade resulting from the removal of trade barriers.
Trade diversion
Changing trade patterns that mean countries will often buy within a trading bloc rather than outside, often resulting in a misallocation of resources.
Conditionalities
"strings attached" to loans i.e. policies etc. which must be pursued if loans are to forthcoming
The Washington Consensus
The philosophy underpinning the activities of the Bretton Woods institutions. It is in essence a belief in free trade internationally and free markets nationally.
Trade liberalisation
The removal of barriers to trade.
Structural adjustment policies
Policies such as tight monetary policy, deregulation, privatisation, the reduction of fiscal deficits etc. which are aimed at remodelling countries to become free market economies
The Doha Round
The last round of WTO talks which was significant due to the increasingly strong grouping together of developing countries