Which of the following was a major criticism of the Bretton Woods institutions by developing 'Global South' nations?
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Correct answer: The voting power was skewed in favor of wealthy, industrialized nations
Voting power in the IMF and World Bank is based on financial contributions (quotas). This meant the U.S. and Europe maintained dominant control over the policies and conditions attached to development loans.
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More Bretton Woods System questions
- What role did the General Agreement on Tariffs and Trade (GATT) play alongside the Bretton Woods System?
- How did the Marshall Plan interact with the early Bretton Woods System?
- The term 'adjustable peg' in the context of Bretton Woods meant that:
- Why did France, under Charles de Gaulle, famously challenge the Bretton Woods System in the 1960s?
- Following the collapse of the Bretton Woods exchange rate system in 1973, most major currencies moved to:
- What is the primary difference between the World Bank and the IMF?