Developing countries experienced multiple crises due to “deficiencies in the design and execution of the reform strategies” by the institutions contend *Anis Chowdhury and Jomo Kwame Sundaram
July 2019 saw the 75th anniversary of the historic conference of 44 countries held at the Bretton Woods (BW) resort in New Hampshire during July 1-22, 1944 Conference At BW, John Maynard Keynes, representing the UK, and Harry Dexter White, for the USA, both sought a new international monetary system following the Great Depression, which many attributed to the functioning of the gold standard before World War II. Keynes wanted a powerful global central bank, to be called the Clearing Union, and a new international reserve currency, ‘bancor’, while White favoured a more modest lending fund and a greater role for the US dollar, instead of a new currency. The new BW arrangements were built around White’s plan, but he went into oblivion following accusations within the US administration of being a Soviet agent.
The Soviet Union, which had participated in the creation of the BW institutions (BWIs), was invited to be one of the ‘big five’ in the post war governance system, mirroring the United Nations Security Council, but decided not to join.