International lawyers who focus upon international economic law as well as international institutions readily concede the importance of the BWIs to the success of their respective disciplines. While the GATT/WTO mechanisms constitute an important segment of the institutional framework of international economic law, the BWIs are better known and have historically wielded much more influence over the economic and financial policies of Third World countries. In particular, due to their enormous resources, considerable intellectual power, and the resultant influence they have over the national policies of developing countries, they are also more “sexy” and constitute favorite targets of media and academic critiques. Indeed, for many Third World states, their historical relationships to the BWIs have been not only more significant, but also more problematic than their relationships with other organizations. This is partly due to the role of these institutions as gate-keepers to the international economic system, including access to western capital. It is also due to the far-reaching power of these institutions that extends into most domains of human activity in the Third World, including economic and social policy, urban and rural development, and even the very structure of the state. Furthermore, due to their focus on issues of justice – mainly anti-poverty programs – the BWIs figure inevitably in radical Third World critiques of the international economic order.

Yet, it is not automatically obvious why or how these institutions became so important and powerful.