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April 21 AM
April 21 AM
10:30
April 21 AM
10:30 AM
Wednesday April 21, 2021
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Monetary Fund
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History
• The events that ultimately led to the creation of the IMF had their
origins in the conclusion of World War I
History
• When a country imports more than it exports, it runs a balance of
payment deficits.
History
• In his book, “The Economic Consequences of the Peace”,
predicted the second world war as an inevitable consequence of
the severe penalties and lack of political and economic
cooperation following the conclusion of WWI
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• Surveillance function:
the IMF serves as a watchdog over member nations'
economic policies.
• In 2007, the IMF dramatically revised its policies.
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• The IMF has been labeled a “bailout” source for poorly run
economies.
• Critics also denounce the IMF for forcing nations in need to adopt
its policy recommendations as a condition of assistance.
“Street protesters have it exactly right, for example, when they argue
that the economic policies imposed on
developing nations by the International Monetary Fund and World
Bank have hammered the poor,”
-Eric Pooley
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“Using loans and the threat of default as levers, the IMF has pushed
more than 90 countries to accept its brand of free-market shock
therapy: lowering trade barriers, raising interest rates, devaluating
currencies, privatizing state-owned industries, eliminating subsidies
and cutting health, education, and welfare spending.”
According to Gina-Marie Cheeseman in “International Monetary
Fund's Financial Assistance Policies,”
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Carol Welch(coordinator of the U.S. efforts for the United Nations' Millennium Campaign)
“Criticizes the dominant role the U.S. plays in the global economy,” arguing
that U.S policy of imposing “SAPs [structural adjustment policies] on
developing countries,” and opening “their markets to competition from
U.S. economies” does not serve these countries well. Welch argues that
SAPs are “based on a narrow economic model that perpetuates poverty,
inequality, and environmental degradation.”
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• The fund continues to grow and expand in its new roles within a
world of floating exchange rates and rapid capital flows.
11:30 AM
Wednesday April 21, 2021
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