93 Outcome: The IMF and the World Bank

What you’ll learn to do: explain the roles of the IMF and the World Bank in promoting international trade

Hundreds of nations, hundreds of currencies, each with their own value that changes on a daily basis—that’s what you learned in the previous section. It sounds like a crazy system that no one controls but everyone needs in order to conduct business in today’s global economy, doesn’t it? Well, it is a complex system!

Our international monetary system is one that was established in the 1940s and continues to evolve as technology, consumer demand, and international competition change. However, there are organizations in place to help regulate, promote, and monitor the international monetary system in a way that promotes international trade. The two key organizations in this field are the IMF (International Monetary Fund) and the World Bank. As you’ll see in this next section, there are important distinctions between the two, and each has a different role and set of responsibilities within the international community.

Learning Activities

The learning activities for this section include:

• Reading: The IMF and the World Bank: How Do They Differ?
• Self Check: The IMF and the World Bank

Take time to review and reflect on this activity in order to improve your performance on the assessment for this section.