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This autumn, the International Monetary Fund and the World Bank will once again hold their annual conference in Washington, DC. At a time when the (1) world order that these institutions (2) is under threat, they cannot afford to stick with business as usual. Instead, they must consider deep reforms – and that will require (3) the paternalistic, even hostile, tone that has often dominated discussion of the topic.
Since the election of Donald Trump as US president last November – the (4) of an upsurge in nationalist-populist sentiment across the Western world – the weaknesses of existing multilateral frameworks have come increasingly to the fore. But the current crisis of the liberal world order has been a long time in the making.
In fact, it has been (5) since before the turn of the century that the post-World War II governance structures were untenable, because the (6) that formed their foundation were beginning to (7) . In particular, with emerging economies, especially China, on the rise, the division between the West and the “rest” was (8) fast.
Yet the global economy’s institutional (9) – the IMF and the World Bank – have remained largely unchanged. Indeed, the multilateral institutions on which global governance rests do not look all that different today than they did in 1944, when Britain’s John Maynard Keynes and America’s Harry Dexter White (10) representatives from 44 countries in in Bretton Woods, New Hampshire, to design the post-WWII international order.
- 1) opulent
5) rigidAnswer – 4)
Explanation: liberal – willing to respect or accept behaviour or opinions different from one’s own; open to new ideas.
- 1) dissipate
5) underpinAnswer – 5)
Explanation: underpin – support (a building or other structure) from below by laying a solid foundation below ground level or by substituting stronger for weaker materials.
- 1) constraint
5) fragileAnswer – 3)
Explanation: abandoning – cease to support or look after (someone); desert.
- 1) forbearance
5) culminationAnswer – 5)
Explanation: culmination – the highest or climactic point of something, especially as attained after a long time.
- 1) obscure
5) moderationAnswer – 3)
Explanation: apparent – clearly visible or understood; obvious.
- 1) assumptions
2) agnosticism3) diffidence
5) ambiguityAnswer – 1)
Explanation: assumptions – a thing that is accepted as true or as certain to happen, without proof.
- 1) hesitancy
2) disquiet3) crumble
4) inhibitionAnswer – 3)
Explanation: crumble – break or fall apart into small fragments, especially as part of a process of deterioration.
- 1) dilemma
2) faltering3) restriction
5) withholdingAnswer – 4)
Explanation: narrowing – become or make less wide.
- 1) reserve
5) underpinningsAnswer – 5)
Explanation: underpinnings – a solid foundation laid below ground level to support or strengthen a building.
- 1) incertitude
5) adjournedAnswer – 4)
Explanation: convened – come or bring together for a meeting or activity; assemble.