Throughout history the international monetary system has undergone profound changes and constant evolution. Between the 16th and mid-18th centuries, mercantilism was the predominant system in which power and wealth increased primarily through gold, silver, and raw materials from the colonies. It was a time when "wealth was power, and power was wealth." Following mercantilism, the period of British industrialization or industrial revolution began. This period was characterized by the fact that Great Britain was the hegemonic country, the first to industrialise. By the early 19th century, Britain had already surpassed gains made elsewhere in terms of production and efficiency. The Bretton Woods Conference of 1944 and the creation of the World Bank (WB), the International Monetary Fund (IMF) and the World Trade Organization (WTO) had changed the world economic system. The creation of these organizations was the first effort by several countries to build a system of economic stability not only for their national economies but also for international markets. However they have achieved some successes in their goals, and the spread of globalization has been one of the most well-known achievements, conditions in the economic, political and social arena have changed considerably over the years, the work of these organizations has become very controversial, and many people blame them for the way the current monetary system works. The process of globalization, combined with the impact of liberal economic ideas, has shaped the way the international monetary system is today. From its early stages, the occurrence of globalization was supported by the liberal ideals of those like John Locke, Adam Smith and... middle of paper... developing countries who, in their illusion of joining the international market to grow and develop, has resulted in a devastating outcome that has left many countries worse off than before. Rising unemployment rates, poverty levels and increased social conflicts have been some of the results left by globalization in many developing countries. Works Cited • Cohn, Theodore H. Global Political Economy: Theory and Practice. New York: Pearson Longman, 2008. Print.• Professor Krystel Ramdathsingh, 12-16 September 2011 Teaching materials and power points• http://www.imf.org/external/np/exr/key/global.htm• http : //plato.stanford.edu/entries/globalization• Professor Krystel Ramdathsingh; Managing the global economy; Power Point presentation corresponding to the second week; ₹3703; Network. Accessed in October 6, 2011