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International Monetary Fund:
The International Monetary Fund (IMF), the World Bank and the International Trade Organisation were conceived at the Brettonwoods Conference in July, 1944 as institutions to strengthen international economic cooperation and to help create a more stable and prosperous global economy. While the IMF and the World Bank came into existence and started functioning from 1946, the International Trade Organisation could not be set up. Instead, the General Agreement on Tariffs and Trade (GATT) was set up in 1947. Through successive rounds of negotiations, the GATT got transformed into what has come to be known as the World Trade Organisation (WTO) that started functioning from January 1, 1995. The various institutions have been set up to govern international economic relations. While all the institutions work in close coordination with each other, each of these institutions has its own specific area of responsibilities. The IMF promotes international monetary cooperation and provides member countries with policy advice, temporary loans, and technical assistance so they can establish and maintain financial stability and external viability and build and maintain strong economies. The World Bank promotes long-term economic development and poverty reduction by providing technical and financial support. The WTO seeks to achieve the same objective by providing a trade environment in which goods and services may move between the nations, unrestrained by any restrictions or barriers. On a little regional level also international organisations have been set up. Among these, the most important for us has been the Asian Development Bank.
Carmen, the Queen of Electra, is concerned over what she believes is an excessive consumption of electricity. Consequently, she proposes an excise tax on electricity consumption w
Globalization: A generalized historical process by which more economic activity occurs across national borders. Forms of globalization include international trade (imports and expo
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Before explaining returns to scale it will be instructive to make clear the distinction between change in the scale and changes in factor proportions. The difference between the ch
Income Elasticity of Demand is described below: Income elasticity of demand is the percentage change in the quantity demanded/required with respect to the percentage change in
In neoclassical economics, equilibrium exists when supply equals demand for a particular commodity. General equilibrium is a special (purely hypothetical) condition in which every
#explain bains theory of limit pricing theory
Define the Production Possibilities Curve
demand elasticity analysis and its significance in pakistan
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