The IMF: The Washington Consensus, the Critics, and the New Challenges as China Rises

How the International Monetary Fund (IMF) defines and carries out its mandate has evolved considerably since 1944, when it was founded to serve a vital but narrow function in maintaining the global foreign exchange system and thus enabling international trade. This note gives an overview of the IMF's evolution by describing key phases in its history, including the Bretton Woods system and its collapse, the international debt crisis of the 1980s, the Washington Consensus era, and reform efforts in the 2000s.