Economics · Class 12 Commerce
Ch 8International Economic Organisations — Class 12 Economics, concept-first.
The Second World War left the world economy in ruins — currencies had collapsed, trade had broken down into a tangle of competitive tariffs and exchange controls, and reconstruction finance was nowhere in sight.
Key concepts
Hover a concept to preview it and jump to its most relevant Q&A.
International Monetary Fund (IMF)
The IMF was established in 1944 at the Bretton Woods Conference, alongside the World Bank, and is also headquartered in Washington, D.C.
Most relevant Q&A
- Why did the world feel the need to set up permanent international economic institutions after the Second World War?Free
- State any four objectives of the International Monetary Fund.Free
- What is a country's 'quota' in the IMF, and what two things does it determine?Free
- What are Special Drawing Rights (SDRs)? Why were they created?Preview
- Briefly explain the relevance of the IMF, World Bank, and WTO to the Indian economy, giving one example of India's engagement with each.Preview
Chapter contents
The NCERT structure, section by section. Open a section to see its questions, then read the concept-first solution.
Need for International Economic Cooperation
The Second World War left the world economy in ruins — currencies had collapsed, trade had broken down into a tangle of competitive tariffs and exchange controls, and reconstruction finance was nowher…
International Monetary Fund (IMF)
The International Monetary Fund (IMF) was established at the Bretton Woods Conference in 1944 and began operations in 1945, headquartered in Washington, D.C.
World Bank Group
The World Bank, formally the International Bank for Reconstruction and Development (IBRD), was also created at Bretton Woods in 1944, as the IMF's sister institution — where the IMF addresses short-te…
World Trade Organisation (WTO)
Trade rules took a separate, later path from monetary and development finance. The General Agreement on Tariffs and Trade (GATT) was signed in 1947 as a provisional multilateral treaty to reduce tarif…
Regional and Other Economic Organisations
Alongside these global institutions, countries in the same region cooperate through regional bodies suited to shared geography and development concerns.
Relevance to the Indian Economy
These organisations touch the Indian economy in concrete, ongoing ways. The IMF has provided balance-of-payments support at critical junctures (1991 being the best-known example) and continues its ann…
Exercises
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- Q1Why did the world feel the need to set up permanent international economic institutions after the Second World War?Free
- Q2State any four objectives of the International Monetary Fund.Free
- Q3What is a country's 'quota' in the IMF, and what two things does it determine?Free
- Q4What are Special Drawing Rights (SDRs)? Why were they created?Preview
- Q5Distinguish between the roles of the IMF and the World Bank.Preview
- Q6Name the four affiliate institutions of the World Bank Group besides the IBRD, and state one distinguishing feature of each.Preview
- Q7Trace briefly the evolution of the WTO from GATT.Preview
- Q8Explain the principle of 'Most Favoured Nation' (MFN) treatment under the WTO.Preview
- Q9Name the three major agreements administered by the WTO and state what each covers.Preview
- Q10State any two criticisms commonly made of the WTO by developing countries.Preview
- Q11What is SAARC? State any three of its objectives and list its member countries.Preview
- Q12What is UNCTAD, and why was it created specifically for developing countries?Preview
- Q13Briefly explain the relevance of the IMF, World Bank, and WTO to the Indian economy, giving one example of India's engagement with each.Preview
Sample & Board Papers
Sample papers and previous-year board questions for this subject.
+−Show 19 questionsHide questions19 questions
- Q1Mention any two objectives of ASEAN.Preview
- Q2What are Major Functions of WTO ?Preview
- Q3New Development Bank is associated with : (a) SAARC (b) BRICS (c) ASEAN (d) WTOPreview
- Q4BENELUX is a form of : (a) Common Market (b) Free trade area (c) Customs Union (d) Economic UnionPreview
- Q5IBRD is otherwise called as : (a) ASEAN (b) International Monetary Fund (c) International Finance Corporation (d) World BankPreview
- Q6When and where was SAARC Secretariat established ?Preview
- Q7Write the agenda of BRICS Summit, 2018.Preview
- Q8Which of the following does not come under 'Six dialogue partners' of ASEAN ? (a) India (b) China (c) North Korea (d) JapanPreview
- Q9The other name for Special Drawing Rights is : (a) Voluntary export restrictions (b) Paper gold (c) Patents (d) QuotasPreview
- Q10What is Free Trade Area ?Preview
- Q11State briefly the functions of SAARC.Preview
- Q12International Monetary Fund was an outcome of __________. (a) Bretton Woods Conference (b) Pandung Conference (c) Singapore Conference (d) D…Preview
- Q13SAARC meets once in __________ years. (a) 2 (b) 5 (c) 3 (d) 4Preview
- Q14When and where was SAARC Secretariat established ?Preview
- Q15(a) Write a note on : (i) SAARC (ii) BRICS OR (b) What are the reasons for the recent growth in Public Expenditure ?Preview
- Q16World Bank is having its headquarters at : (a) Vienna (b) Washington D.C (c) Geneva (d) New YorkPreview
- Q17The other name for Special Drawing Rights is ______. (a) Quotas (b) Voluntary Export Restrictions (c) Paper gold (d) None of the abovePreview
- Q18Write any two functions of WTO.Preview
- Q19(a) Bring out the functions of World Bank. OR (b) Elucidate the nature and scope of Statistics.Preview