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On July 1 1944 World War II perhaps the darkest age of the human race was about to end The allies have landed in Normandy and the fall of the Axis powers was inevitably near Already the economic visionaries and idealists have gathered at Bretton Woods to discuss the future economy of the upcoming peaceful times After twenty-two days of meeting twenty-nine participating nations signed the articles of agreement and the International Monetary Fund was established with its noble goals - to provide a world of economic cooperation to maintain a fixed exchange rate to safeguard against any nations misfortunes and disequilibrium and to achieve a world economy that would reduce the possibilities of isolationism and therefor war Yet after fifty years of commitment to that noble goal after providing more than 100 billion dollars to developing nations the program is facing grave opposition and a possible end to its organization Anti-IMF organizations have begun to wage a vicious campaign named 50 years is enough against the IMF and the World Bank Did the IMFs service to the world economy have a negative effect Or is it because the environmental political and humanitarian concerns outweigh the positive economic gains of the organization Or has the rapid advancement of the world economy made the once useful organizations services obsolete A closer examination of the organization and its workings its problems and its opponents positions reveals the answers to these questions The International Monetary Fund officially started operating on March 1 1947 The philosophy behind the organization was mainly influenced by two men Harry Dexter White and John Maynard Keynes They were both heavily influenced by main economic and political events of the 1920s and 1930s the economic depression connected with isolationist policies of the thirties and the rise of extremist political forces in Germany and the Soviet Union Most of the experts thought that these events were more or less a consequence of
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