Beginning in the 1980's radical free-market fundamentalism, as exemplified by the so-called "Chicago Boys", became the dominant thinking at international agencies such as the International Monetary Fund (IMF), World Bank, and the U.S. Treasury. This resulted in an approach to helping developing and poor countries called the Washington Consensus. The essence of the Washington Consensus … Continue reading Structural Adjustment
Now, with world leaders gathering this week in London to plot a response to the gravest global economic downturn since World War II, the fund is becoming a chip in a contest to reshape the postcrisis landscape. via Rising Powers Challenge U.S. on Role in I.M.F. - NYTimes.com.
I will have more to say on Tuesday at the LCC Global Perspectives Conference, but it's not pretty. The planet's in trouble. Both the IMF and World Bank are now forecasting an outright fall in global output in 2009, with a larger contraction than previously forecast in the advanced economies and sharply lower expected growth … Continue reading worst global economic crisis since the 1930s