International Monetary Fund

Nothing simple economic future of the world Teodulo Lopez Melendez the question is not as simple as starting from Immanuel Wallerstein and assert that capitalism will end in a certain number of years or proclaim with Thomas Friedman where there is a MacDonald there is no wars. The story is long since the postwar period. You had to design economic and political institutions of a bipolar world. Four conferences were necessary for the second thing: Tehran (December 1943); Yalta (February 1945); Potsdam (July 1945); London (September-October 1945). For the first the key is in Bretton Woods (1944), with assistance from 45 countries and where it decides that is the dollar the world monetary reserve and where are created two bodies, the International Bank for reconstruction and development (IBRD), that then transforms into the World Bank (1946) and the International Monetary Fund (IMF).

At the political level there is organization of the United Nations resulting from conferences of Dumbarton Oaks (September-October 1944) and San Francisco (April-June 1945). Since 1948 the trading system came to be regulated by the general agreement on tariffs and trade (GATT). The World Trade Organization was born on 1 January 1995, as a result of a round of negotiations that was known as the Uruguay Round, conducted by long years ranging from 1986 to 1994. This is the structure of the international economic world that we have known in more than six decades. One thing is a world of international relations between nation-States and something very different is an economic regulation for a globalized world.

The Nobel Prize in economics Joseph Stiglitz pointed out some of the failed policies, such as fiscal and monetary contraction. That is, the international economic world was handled under neoliberal auspices. Of death or terminal illness of old Bretton Woods does not speak from the present crisis, since for many, many years, especially with the incidence of the Asian crisis.