The International Bank for Reconstruction and Development (IBRD), now part of the World Bank, was initially established to:
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Correct answer: Provide long-term capital for rebuilding war-torn Europe
The World Bank's first priority was the reconstruction of infrastructure in nations devastated by the war. Over time, its mission shifted toward providing development loans to poorer, non-industrialized nations.
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More Bretton Woods System questions
- What was the 'gold-exchange standard' established by the Bretton Woods agreement?
- Which prominent economist represented the United Kingdom at Bretton Woods and proposed a global currency called the 'Bancor'?
- The 'Nixon Shock' of 1971 effectively ended the Bretton Woods System by:
- Why did the Bretton Woods System face a 'liquidity problem' in the 1960s known as the Triffin Dilemma?
- The Bretton Woods System was designed to avoid the 'beggar-thy-neighbor' policies of the 1930s, which included:
- Which of the following was a major criticism of the Bretton Woods institutions by developing 'Global South' nations?