UPSC Prelims 2008 Q102: Indian Economy – International Institutions & Reports
How is the United Nations Monetary and Financial Conference wherein the agreements
were signed to set up IBRD, GATT and IMF, commonly known?
- (a) Bandung Conference
- (b) Bretton Woods Conference
- (c) Versailles Conference
- (d) Yalta Conference
Answer: (b) Bretton Woods Conference
Explanation
What the UN Monetary and Financial Conference is commonly known as
This landmark 1944 conference established the post-war international financial architecture.
| Option | Verdict | Reason |
|---|---|---|
| (a) Bandung Conference | Incorrect | A 1955 Asian-African political conference, unrelated to financial institutions |
| (b) Bretton Woods Conference | Correct | This conference, held at Bretton Woods, New Hampshire (1944), established the IBRD (World Bank), IMF, and laid groundwork for what became GATT |
| (c) Versailles Conference | Incorrect | Related to the post-WWI peace settlement, unrelated to these financial institutions |
| (d) Yalta Conference | Incorrect | A WWII Allied strategy conference, unrelated to these institutions |
Bretton Woods Conference facts:
| Point | Detail |
|---|---|
| Year | 1944 |
| Established | IBRD, IMF, groundwork for GATT |
Answer: (b) Bretton Woods Conference.
Why each option is right or wrong
- (a) Incorrect. The Bandung Conference (1955) is unrelated to these financial institutions.
- (b) CORRECT. The Bretton Woods Conference (1944) established the IBRD, IMF, and laid groundwork for GATT.
- (c) Incorrect. The Versailles Conference relates to the post-WWI settlement, not these institutions.
- (d) Incorrect. The Yalta Conference was a WWII strategy meeting, unrelated to these institutions.
Key point
The Bretton Woods Conference (1944) is where agreements were signed to set up the IBRD, IMF, and groundwork for GATT.
Remember
The Bretton Woods Conference is where agreements were signed to set up the IBRD, GATT, and IMF.
Common mistakes
- Confusing the Bretton Woods Conference with unrelated 20th-century diplomatic conferences (Bandung, Versailles, Yalta).
- Not knowing the 1944 timeline and New Hampshire location of this conference.
- Mixing up this economic conference with political/wartime conferences.
Exam tip
Bretton Woods Conference (1944) = IBRD, IMF, GATT groundwork. A foundational post-war international economic institution fact.
Sources
- United Nations Monetary and Financial Conference (Bretton Woods, July 1944): Final Act
- International Monetary Fund — Articles of Agreement of the International Monetary Fund (1944)