nomic growth among both the developed countries and developing countries, while simultaneously stabilizing the cash flow between all nations. The World Bank and IMF began their existence as semi-autonomous agencies of the United Nations on December 27 of the following year when representatives of 29 of the original 45 countries signed the Articles of Agreement.
Following a brief reprieve, problems on the international financial markets began to swell, especially in the 1960s. The dependent relationship between the developed countries and the developing countries exasperated a massive debt crisis without producing comparable economic growth throughout the middle-level income and Third World countries. Economic growth was so sluggish in much of the world markets that the level of international debt soon hit crisis proportions. The roles of the IMF and World Bank changed accordingly, bearing little in common with what their founders imagined. The original objective of economic growth had been replaced with managing the debt crisis and preserving economic st
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