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Abstract

A current global financial crisis, most severe crises since year 1929., has shown that international financial system, as long as it is constitued at current principles dos not junction properly. The reform of international financial institutions, International Monetary Fund and World Bank, towards establishment of international financial system with regulatory function, probably provides the best way for preservation of financial markets liberalization benefits and, in the same time, reduction of negative effects created by liberalization. IMF should return to its basic principle provision of global financial stability by regulation of unregulated global financial market, as well as prevencion of crisis creation and crisis intervention. For the World Bank this means the shift of structural adjustment from creation of passive state (based on Washington Consensus) to creation of pro-active state that stimulates entrepreneurship and education and also shift from infrastructural projects (where World Bank invest the most of its funds) to entrepreneurship, education and human development projects.

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