The new regime was intended to foster sustainable economic growth, promote higher standards of living, and reduce poverty. A Postwar Financial Orderįorty-four allied nations convened at the Bretton Woods Conference in 1944 to establish a postwar financial order that would facilitate economic cooperation and prevent a rehash of the currency warfare that helped usher in the Great Depression. However, others suggest that the IMF must go further in implementing changes that will improve the plight of the world’s poor and guarantee the fund’s relevance in a changing global economy. Some economists claim that it is in the midst of a major transformation, citing its vast expansion of lending capacity, governance reform, and the move away from free market fundamentalism. The fund has received both criticism and credit for its efforts to promote financial stability. Global Governance to Combat Illicit Financial Flows
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