The International Monetary Fund

TL;DR: The International Monetary Fund has been controversial since its inception in 1946, but has made a significant contribution to international economic relations.

Abstract: F international undertakings have ever evoked more controversy among reputable economists than did the International Monetary Fund following the Bretton Woods Conference in 1944.1 In view of its stormy introduction, it may be worth while to review the operations of the Fund during the three years since its inauguration in March, 1946. Of the various criticisms advanced at the time that the Bretton Woods Act (July, I945) was passed, some have proved to be unfounded or irrelevant; whether others were justified depends upon the criteria employed in judging Bretton Woods in operation.2 Although most students would concede that the Fund has made a significant contribution to international economic relations, it is equally clear that the hopes and promises of its founders at the Bretton Woods