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14 The second core structure set up at Bretton Woods was the finance structure, which describes the set of monetary or financial relationships in which states and markets exist within the international monetary system. Two core institutions underpinned the financial structure in the world market: first; the International Monetary Fund (essentially a lender of last resort) and second; the World Bank. The World Bank (initially called the International Bank for Reconstruction and Development) concentrated on repairing economies ravaged by war.

Waltz, Theory of International Politics (New York: Random House, 1979). 11 Peter Evans et al, Bringing the State Back In (Cambridge: Cambridge University Press, 1985). 12 Robert Gilpin, Three Models of the Future, in Robert J. 293. For further analysis on the various IPE theories, see David N. Balaam and Michael Veseth, Introduction to International Political Economy 2nd edition (Upper Saddle River, NJ: Prentice Hall, 2001). 13 For a detailed discussion on the international structures of IPE, see Susan Strange, States and Markets: An Introduction to International Political Economy (New York: Basil Blackwell, 1988).

Moreover, even though Africa remained mired in chronic poverty, the continent experienced a net outflow of capital to its creditors. 7 billion in official aid. 9 How was this possible and can we reduce the answer to basic theory? 10 Can one pin the problems of the past on individual African leaders and their respective oligarchies? Was the problem of acute marginalisation caused primarily through the nature of the African state and problems of modernisation caused by weak institutions and bureaucracies characterised by nepotism and inefficiency?

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