The Role of International Institutions
The Role of International Institutions
This chapter examines the international institutions—such as the World Trade Organization (WTO), the World Bank, and the International Monetary Fund (IMF)—that are central players in the economic development of developing economies. It reviews the historic evolution of the multilateral institutions established in the post-Bretton Woods environment—the World Bank, the IMF, the WTO, and the United Nations—and assesses their contribution to development. The chapter then reviews the role of regional institutions—the European Bank for Reconstruction and Development (EBRD), the Inter-American Development Bank, and the Asian Development Bank—and agreements, for example, the North American Free Trade Agreement, and assesses their contribution to development. It also focuses on two initiatives—the Doha Development Round of the WTO and the Millennium Development Goals—as concrete examples of efforts by the multilateral system to focus specifically on contemporary development challenges.
Keywords: international institutions, World Bank, EBRD, multilateral system, development challenges
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