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Theorist Karl Polanyi's 1944 book, The Great Transformation warned that nationalism, socialism, and monopolistic protectionists in the late 19th century created, "an unholy alliance of trade unions and labor parties" which destroyed the, spirit of Enlightenment and led to a "collectivist countermovement" (Polanyi, p.144-145). Following the tumultuous events of World War II, "the urge to organize was given impetus" (Klabbers, p. 21) and the Bretton Woods Conference established what would become the major international financial institutions (IFIs) of the world. The World Bank, the International Monetary Fund (IMF), and the later the ratification of the WTO in 1995; completed institutionalization of world economic policy. One of the major critiques of these institutions is that they impose restrictions that take away national economic sovereignty. This paper provides a careful analysis of how IFIs fit into the global marketplace; specifically how they are controlled and managed by......

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Approximate Word Count: 2328
Approximate Pages: 10 (250 words per double-spaced page)

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