In which year was the World Bank set up as part of the Bretton Woods international financial system?

Introduction / Context:
The World Bank is one of the key global financial institutions created in the mid twentieth century to support reconstruction and development after the Second World War. Questions regarding the year of its establishment are standard in economic and general knowledge examinations. This item asks about the specific year in which the World Bank was set up as part of the Bretton Woods system.

Given Data / Assumptions:

• The organisation in question is the World Bank.
• Four years are given as options: 1944, 1945, 1947, and 1948.
• We need to identify the year associated with the creation of the World Bank at the Bretton Woods Conference.
• It is assumed that the candidate has some familiarity with post war financial history.

Concept / Approach:
The World Bank was conceived and established in 1944 at the United Nations Monetary and Financial Conference held in Bretton Woods, New Hampshire. Although it began operations slightly later and made its first loan in 1947, the formal decision to create the institution and its Articles of Agreement date from 1944. Therefore, the correct answer focuses on the year of establishment rather than the year of operational activities.

Step-by-Step Solution:
Step 1: Recall that the Bretton Woods Conference took place in July 1944.Step 2: Recognise that this conference led to the creation of both the International Monetary Fund and the World Bank.Step 3: Note that while the Bank started operations later, the question specifically uses the phrase set up rather than started lending.Step 4: Compare this with the options and identify 1944 as the year of establishment.Step 5: Reject later years such as 1945, 1947, or 1948 as they refer to subsequent milestones rather than the founding decision.

Verification / Alternative check:
Verification can be obtained by remembering that many sources describe the World Bank and the IMF as Bretton Woods institutions created in 1944. The World Bank history sections often begin with the phrase established in 1944 at Bretton Woods. Although the Bank operations started in 1946 and the first loan in 1947, exam questions focusing on the year it was set up generally expect the 1944 answer, which appears repeatedly in standard reference books.

Why Other Options Are Wrong:
Option B, 1945, is wrong because this year marks the creation of the United Nations but not the initial decision to create the World Bank.Option C, 1947, is wrong because it corresponds to the year of the first World Bank loan rather than the year of establishment.Option D, 1948, is wrong because it is later than both the founding and the early operational years of the Bank.

Common Pitfalls:
Candidates often confuse the year of establishment with the year when operations began or when the first loan was issued. Another pitfall is to mix up timelines of different international institutions, such as remembering that the United Nations was founded in 1945 and then incorrectly applying that year to the World Bank. To avoid such mistakes, students should clearly separate the concepts of founding decision, operational start, and first major activities when studying the history of global organisations.

Final Answer:
1944