The Uruguay Round in 1993was created to further reduce trade barriers. The result was the creation of the World Trading Organization (WTO). The main goal of the WTO is to police the international trading system. The data that the WTO has kept states that the volume of world trade has grown consistently faster than the volume of world output since the 1950’s. Two other types monitoring policies are the International Monetary Fund (IMF) and the World Bank. The IMF is an international institution set up to maintain order in the international monetary system. The World Bank in defined as an international institution set up to promote general economic development in the world’s poorer nations. The IMF typically provides loans to countries whose currencies are losing value due to economic management. In return, the IMF imposes on debtor countries strict financial policies that are designed to rein in inflation and stabilize their economies. The IMF was heavily influenced by worldwide financial collapse, competitive devaluation, trade wars, high unemployment, hyperinflation in Germany and elsewhere, and general economic disintegration that occurred between the two world wars. The IMF also helped several Asian countries deal with the dramatic decline in the value of their currencies that occurred during the Asian financial crisis that started in 1997.Originally the official name of the World Bank is International Bank for Reconstruction and Development (IBRD). Its initial mission was to help finance the building Europe’s economy by providing low-interest loans. The need to reconstruct the war-torn economics of Europe was a major factor in the development of the World Bank. The W.B. historically provided low-interest loans to help countries build basic infrastructures. The World Bank lends money under two schemes. The first scheme is labeled as the IBRD scheme; money is raised through bond sales in the international capital ...
