The International Monetary Fund's Evolution and Economic Theory

During the three decades that began with the Bretton Woods Conference and ended with the clash of the par value system, the International Monetary Fund (IMF) was not marked by radical changes, but showed a gradual and continuous “tuning” of its founding principles and functions. This early adaptation resulted in the Fund singling out a few but lasting economic approaches and models that were applied in carrying out both its surveillance and financial functions. The paper investigates the establishment of these theoretical pillars, which not only connote the organization once adopted, but represent “parameters” to evaluate the organization’s evolution. In fact, their adoption, maintenance, adaptation or abandonment over time synthesize all the organization’s reactions to exogenous and endogenous events, such as political interests, relationships with other international organizations, variations in international economic system and so on.