I didn’t realize how much America influences the world economy. Which also means I was unaware of how our dominance has been declining over the years. Finding out that the US doesn’t really listen to the IMF and WB all the time was news to me. I definitely think the US has a global economic responsibility that it clearly hasn’t been taking very seriously. This really just shows how much rich countries can get away with compared to poor ones.
Another thing that was very interesting was learning all the issues associated with the IMF. What do you mean countries who are helped by the International Monetary Fund typically don’t do well economically? The whole point of the IMF is to help the countries that ask for help — and the most successful countries reject market fundamentalism, which is literally the system the IMF pushes countries under it’s support to follow. I want to criticize the IMF but I don’t know enough about any of this to suggest better ideas. I can see the positives and negatives of the IMF’s policies much clearer now, even if I think the negatives seem to be overwhelming.
1 comment:
Along with the US not really following anyone rules is that often times we are the ones with the most sway/power when it comes to making the rules themselves, so not only do we not have to follow them but we force everyone else to follow our rules. I think it's an incredibly unfair practice that is pretty much destroying the economies of smaller/lesser dominate countries economies. And I agree, the IMF is messed up in every way and basically hurts a lot more than it helps at this point!
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