THE INTERNATIONAL MONETARY FUND 50 YEARS AFTER BRETTON-WOODS

In July 1944 at Bretton Woods, New Hampshire, delegates from 44 nation s agreed upon an international monetary system to be established follo wing World War II. At the heart of the system was the International Mo netary Fund, which was to foster economic prosperity by promoting inte rnational monetary cooperation, orderly exchange-rate arrangements, re striction-free multilateral payments, and efficient balance-of-payment s adjustment. This article surveys the functioning of the IMF, focusin g on recent experience. The article discusses the means and methods th e IMF has employed to achieve its goals and the degree of success it h as attained. One conclusion is that the IMF's goals should be expanded to include the abolition of restrictions on payments for internationa l capital, as well as current transactions. In addition, the organizat ion should issue fairly detailed evaluations of its lending activities -which seem to have had very limited success-and of its technical assi stance programs.