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Question

The year 1947 was associated with which of the following major events in the world economic front?


A
Establishment of IMF
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B
Establishment of world bank
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C
Starting of operation of IMF and World Bank
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D
Formation of G-77
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Solution

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. 

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