A series of major global events, including World War I (1914-1918), the Great Depression (1929-1939), and World War II (1939-1945), devastated the global economy, leading to low production and negative balance of payments for many countries.
The Bretton Woods Conference (July 1944)
To address these issues, a meeting was held from July 1-22, 1944, in Bretton Woods, Washington DC. This meeting, attended by 44 countries including India, was based on a joint plan by J.M. Keynes (UK) and Mr. Dexter White (U.S.).
Initially joined by 29 countries, this conference led to the formation of two key bodies:
- The World Bank Group: Originally the IBRD (International Bank for Reconstruction and Development), it later combined with the IDA (International Development Association) to form the World Bank. Any country can take a loan from it.
- IMF (International Monetary Fund): Only member countries can take a loan from the IMF.
IMF (International Monetary Fund)
Established: 1944 (Work started 27 Dec 1945)
HQ: Washington DC
Members: 191 countries
Head: Kristalina Georgieva
World Bank
Established: July 1944
HQ: Washington DC
Members: 189 countries
Head: Ajay Banga
WTO (World Trade Organisation)
Established: 1995
HQ: Geneva, Switzerland
Members: 166
Head: Dr. Ngozi Okonjo-Iweala (Nigerian, First female head)
WHO (World Health Organisation)
Established: 1948
HQ: Geneva, Switzerland
Members: 194
Head: Tedros Adhanom (Ethiopia)
SCO (Shanghai Cooperation Organisation)
Established: 2001
HQ: Beijing, China
Members: 10
Head: Zhang Ming
India and Pakistan joined in 2017.
NDB (New Development Bank / Bank of BRICS)
Established: 2014
HQ: Shanghai, China
Members: 10 (BRICS+)
Head: Dilma Rousseff
BRICS members: Brazil, Russia, India, China, South Africa, Iran, Ethiopia, Egypt, UAE, Indonesia.
ASEAN (Association of South East Asian Nations)
Established: 1967
HQ: Jakarta, Indonesia
Members: 10
Head: Dr. Kao Kim Hourn
India is included in the ASEAN +6 group.
SAARC (South Asian Association for Regional Co-operation)
Established: 1985
HQ: Kathmandu, Nepal
Members: 8
Head: Golan Sarwar
NATO (North Atlantic Treaty Organization)
Established: 1949
HQ: Brussels, Belgium
Members: 32
Head: Mark Rutte
Quad (Quadrilateral Security Dialogue)
Established: 2004
HQ: No HQ
Members: USA, India, Australia, Japan
Head: No Head
G20
Established: 1999
HQ: Presidency-based
Members: 21
Head: Current Presidency
ADB (Asian Development Bank)
Established: 1966
HQ: Manila, Philippines
Members: 69
Head: Masato Kanda
UNESCO
Established: 1946
HQ: Paris, France
Members: 194
Head: Audrey Azoulay
UNICEF
Established: 1946
HQ: New York, USA
Members: 36
Head: Catherine Russel
UNDP
Established: 1965
HQ: New York, USA
Members: 170+
Head: Achim Steiner
International Solar Alliance
Established: 2015
HQ: Gurugram, Haryana, India
Members: 120
Head: Ashish Khanna
1. Which two economists are credited with the 'Joint Plan' that led to the Bretton Woods Conference?
2. The World Bank is a combination of which two institutions?
3. Who holds the distinction of being the first female head of the WTO?
4. Which of the following countries is NOT a member of the Quad (Quadrilateral Security Dialogue)?
5. Which major international organization has its headquarters in Gurugram, Haryana, India?