To escape the imperial legacies of the IMF and World Bank, we need a radical new vision for global economic governance

Jamie Martin in the Boston Review:

By the end of the twentieth century, a small number of international institutions had come to wield great influence over the domestic economic policies of many states around the world. The International Monetary Fund (IMF) and World Bank, in particular, made assistance to member states conditional on a broad suite of reforms, often with far-reaching political and social consequences. From Africa to Latin America to Asia, loans were tied to the balancing of government budgets, the privatization of state-owned industries, the removal of regulations, and the lowering of tariffs.

The IMF developed these powers during two decades of global turmoil spanning the Third World debt crisis of the 1980s–90s, the collapse of the Soviet Union, and the 1997–1998 Asian Financial Crisis. In the process, it faced a legitimacy crisis. Around the world the IMF was criticized for interfering in domestic politics and imposing neoliberal policies on states in the Global South and former communist bloc.

More here.




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