Final answer:
The International Monetary Fund (IMF) was established after World War II to foster financial cooperation globally and enhance the economy. Founded at the Bretton Woods Conference, the IMF, together with the World Bank, provides support for economic improvement and development worldwide.
Step-by-step explanation:
The institution established after World War II to foster worldwide financial cooperation and enhance the strength of the world economy was the International Monetary Fund (IMF). During the Bretton Woods Conference, which took place toward the end of World War II, representatives from various countries, including the United States and Great Britain, created the IMF to promote global monetary stability. The World Bank, also formed at this conference, focused initially on rebuilding economies devastated by the war, but later shifted its emphasis to broader global development.
Both the IMF and World Bank are now pivotal organizations in providing financing and support to countries looking to improve their economies. The foundations laid at Bretton Woods have had lasting effects, setting up rules and institutions to govern the international political economy, and these organizations began operating in 1946 once the agreement was ratified by a sufficient number of countries.
Over the years, both the IMF and World Bank have adapted to changing global needs, such as managing natural disasters, supporting educational programs, and promoting economic development to combat poverty around the world.