The International Monetary Fund is a financial institution born out after the 2nd World War with the Bretton-Woods Treaty. The devastation created by the 2nd WW brought 730 delegates from 44 countries to a meeting in New Hampshire (United States) to settle the rules that would govern the wordl in financial terms.

The aim of creating this organization that embraces 187 countries is, according to the IMF itself, is to 'foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth and reduce poverty around the world'.

However, a good number of sociologists, politicians and economists paint a less rosy picture of what the IMF stands for and its achievements, pointing out that its policies have in fact increased poverty and debt in third world countries. The recent story of Latin America exemplifies this criticism by showing how the implementation of IMF privatisation and structural adjustment measures in countires like Bolivia, Venezuela, Mexico, Argentina and many others have led to periods of unrest and turmoil because of increases in food and gas prices and in inequality. It has only been recently that countries like Argentina and Ecuador have declared their debt with the IMF illegitimate.