Abstract

The Bretton Woods institutions (BWIs) form the core of the world’s international financial institutions (IFIs). In the light of the current financial and economic meltdown, the failure of the BWIs to forecast and cushion the impact for member countries, particularly; its graver consequences for developing countries have exposed the inherent weaknesses in the system. Consequently, there has arisen the call for a new world financial order that will be more representative of the world.

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