The Bretton Woods International Financial Institutions: Perspective of the Underdeveloped States

Emmanuel I. Umeonyirioha^1,

¹School of International Relations/Research School for South East Asian Studies, Xiamen University, Xiamen, Fujian Province, China

Cite this paper:
Emmanuel I. Umeonyirioha. The Bretton Woods International Financial Institutions: Perspective of the Underdeveloped States. World Journal of Social Sciences and Humanities. 2020; 6(1):15-21. doi: 10.12691/wjssh-6-1-3

Abstract

This paper analyzes the roles and operations of the Bretton Woods institutions, the International Monetary Fund, and International Bank for Reconstruction and Development, as it relates to their modus operandi and dealings with the poor and needy underdeveloped countries of the South. The most common understanding of the roles of international organizations such as the IMF and the World Bank is that of a platform for the common good of members. Viewed however, from the perspective of the weak and poor states of the world, they are instruments in the hands of the dominant power players in the international system. Adopting the theoretical frameworks of realism and third world approach, this paper finds that though the international financial institutions have supplied funds aimed for development and for the handling or control of crisis, they leave so much to desire in the cases of the underdeveloped states. The paper concludes that the actual intentions of the IMF and World Bank are primarily directed at making the developing countries perform better in their client relationship with the west.

Keywords:
IMF word bank underdeveloped countries

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