The Global Economy and Global Governance

Delegates from 44 countries convened in Bretton Woods, New Hampshire, United States and agreed on the creation of two international economic organizations: the International Monetary Fund, or IMF, and the United Nations, or the UN.

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Grounded in the ideas of Friedrich Hayek and Milton Friedman, the neoliberal solution was to have a regulated market that would increase the state or government intervention.

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John Maynard Keynes sees government spending as a solution to revive the economy by bolstering aggregate demand through fiscal and monetary policies.

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Neoliberalism involves having the market take over tasks and services that ought to be provided by the government.

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The Bretton Woods Conference in July 1944, also known as the United Nations Monetary and Financial Conference, marked the birth of the new international economic framework.

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The Economic and Social Council of the UN serves as the chief administrative office.

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The first international monetary system was the Gold Standard which was adopted by England, being the first country to industrialize.

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The Gold Standard functioned as a fixed exchange rate regime where countries determine the price of gold by setting a fixed value of their national currencies.

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The IMF and World Bank are specialized and independent organizations that are affiliated with the United Nations.

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The International Court of Justice of the UN provides advisory opinions on legal questions referred by the UN organs and specialized agencies, in accordance to international law.

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