After reading Chapter's 22, 27, and 33; this is what I have to say for each chapter.
Chapter 22, The Sticky Superpower, changed how I see American power. Before reading it, I thought power was mostly about how much a country produces or how large its GDP is. I didn’t really think beyond that. This chapter made me realize power is way more complicated than I thought. Even though the United States’ share of global production is shrinking, it still has a lot of influence because of its control over finance, technology, and especially the U.S. dollar. I didn’t realize how much power comes from the dollar being the world’s main reserve currency or how much impact the Federal Reserve has when it changes interest rates. At first, this confused me because it felt contradictory — how can the U.S. be declining in some ways but still remain so powerful? I’m still trying to fully understand that. At the same time, I question how long that kind of power can last, especially if countries like China continue growing and developing their own financial systems.
Chapter 27 explains the impact the IMF has on other countries, especially poorer ones. The IMF often acts like it knows what’s best and sets strict spending limits that countries have to follow in order to receive financial help. If a country is struggling financially, it can’t get support unless it agrees to follow the IMF’s rules — rules that more powerful countries don’t have to follow in the same way. The chapter suggests that the IMF limits a country’s financial and national freedom, which I agree with. Even though the IMF sounds helpful in theory, it can actually end up keeping countries stuck in debt. When the IMF steps in, it gains a lot of control over how that country manages its money, almost like a second government. Instead of fully helping countries recover, it can trap them in a cycle that’s hard to escape.
Chapter 33 made me feel more mixed about the IMF. It does seem like the IMF can help fix balance-of-payments crises and stabilize economies in the short term. But at the same time, it seems like IMF programs can slow growth and make inequality worse. It feels like the IMF can provide quick relief, but sometimes at the cost of long-term fairness. I was also surprised by how political the IMF is, especially since powerful countries like the United States have more influence over decisions. It doesn’t seem completely fair. The documentary we watched about Jamaica and banana exports also connects to this. Jamaica produces around 90,000 tonnes of bananas but doesn’t have proper access to the American market because they are legally binded to sell to UK (more specifically England), and IMF-related debt and policies seem to play a role in that situation.
