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Which international financial institution was established under the Bretton Woods Agreement?
  • a)
    International Monetary Fund
  • b)
    Asian Development Bank
  • c)
    Swiss Bank
  • d)
    World Trade Organization
Correct answer is option 'A'. Can you explain this answer?
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Which international financial institution was established under the Br...
Introduction to Bretton Woods Agreement
The Bretton Woods Agreement, established in July 1944 during a conference in Bretton Woods, New Hampshire, aimed to create a stable global economic framework post-World War II.
Key Institutions Established
- The conference led to the formation of two primary institutions:
- International Monetary Fund (IMF)
- World Bank
Focus of the International Monetary Fund
- The IMF was created to promote international monetary cooperation and facilitate the expansion and balanced growth of international trade.
- It provides resources to member countries facing balance of payments problems, thereby stabilizing their economies.
Significance of the IMF
- The IMF plays a crucial role in:
- Monitoring economic and financial developments
- Offering policy advice to member countries
- Providing financial assistance to countries in need
Other Options Explained
- Asian Development Bank (ADB): Established in 1966, it focuses on economic and social development in Asia.
- Swiss Bank: This refers to private banks in Switzerland, not an international financial institution under Bretton Woods.
- World Trade Organization (WTO): Formed in 1995, it deals with the global rules of trade between nations but is not part of the Bretton Woods institutions.
Conclusion
Thus, the correct answer is a) International Monetary Fund. It is the only institution established directly under the Bretton Woods Agreement, playing a vital role in the global economic landscape.
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Which international financial institution was established under the Br...
The correct answer is International Monetary Fund.
  • The World Bank and the International Monetary Fund (IMF) are the Bretton Woods Institutions.
  • They were established in July 1944 at a gathering of 43 nations in Bretton Woods, New Hampshire, in the United States.
  • Their aims were to help rebuild the shattered postwar economy and to promote international economic cooperation.
  • Plans for an International Trade Organization (ITO) were also part of the original Bretton Woods agreement, but they were shelved until the World Trade Organization (WTO) was established in the early 1990s.
  • The creation of the World Bank and the IMF came at the end of the Second World War.
  • They were based on the theories of three important experts: British economist John Maynard Keynes, US Treasury Secretary Harry Dexter White, and US Treasury Secretary Henry Morganthau.
  • They wanted to establish a postwar economic order based on notions of consensual decision-making and cooperation in the realm of trade and economic relations.
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Directions: Read the given passage carefully and answer the following question:Heritage conservation practices improved worldwide after the International Centre for the Study of the Preservation and Restoration of Cultural Property (ICCROM) was established with UNESCO’s assistance in 1959. The inter-governmental organisation with 126 member states has done a commendable job by training more than 4,000 professionals, providing practice standards, and sharing technical expertise. In this golden jubilee year, as we acknowledge its key role in global conservation, an assessment of international practices would be meaningful to the Indian conservation movement. Consistent investment, rigorous attention, and dedicated research and dissemination are some of the positive lessons to imbibe. Countries such as Italy have demonstrated that prioritising heritage with significant budget provision pays. On the other hand, India, which is no less endowed in terms of cultural capital, has a long way to go. Surveys indicate that in addition to the 6,600 protected monuments, there are over 60,000 equally valuable heritage structures that await attention. Besides the small group in the service of Archaeological Survey of India, there are only about 150 trained conservation professionals. In order to overcome this severe shortage, the emphasis has been on setting up dedicated labs and training institutions. It would make much better sense for conservation to be made part of mainstream research and engineering institutes, as has been done in Europe.Increasing funding and building institutions are the relatively easy part. The real challenge is to redefine international approaches to address local contexts. Conservation cannot limit itself to enhancing the art-historical value of the heritage structures, which international charters perhaps overemphasise. The effort has to be broad-based: It must also serve as a means to improving the quality of life in the area where the heritage structures are located. The first task, therefore, is to integrate conservation efforts with sound development plans that take care of people living in the heritage vicinity. Unlike in western countries, many traditional building crafts survive in India, and conservation practices offer an avenue to support them. This has been acknowledged by the Indian National Trust for Art and Cultural Heritage charter for conservation but is yet to receive substantial state support. More strength for heritage conservation can be mobilised by aligning it with the green building movement. Heritage structures are essentially eco-friendly and conservation could become a vital part of the sustainable building practices campaign in future.Q.The inter-government organisation was appreciated because of

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Which international financial institution was established under the Bretton Woods Agreement?a)International Monetary Fundb)Asian Development Bankc)Swiss Bankd)World Trade OrganizationCorrect answer is option 'A'. Can you explain this answer?
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