The Economist (US), October 12th, 1991
The International Monetary Fund (IMF) was conceived at Bretton Woods as a multinational system to stabilize foreign exchange rates. The Bretton Woods currency system remained in effect until 1974, when the IMF recognized floating currency. TO UNDERSTAND the IMF-its structure and functions (not to mention its peculiar terminology)-it is best to start at the beginning, with the job that its Bretton Woods creators wanted it to do. Their goal was extraordinarily ambitious. They set out to build a new economic order, from scratch. It was not enough, they believed, to restore the economic system of...
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