The year 1947 was associated with which of the following major events in the world economic front?
Establishment of world bank
Starting of operation of IMF and World Bank
The correct option is C Starting of operation of IMF and World Bank
The IMF and the World Bank commenced financial operations in 1947. Decision-making in these institutions is controlled by the Western industrial powers. The US has an effective right of veto over key IMF and World Bank decisions.