WVU POLS 103 - International Monetary Fund (2 pages)

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International Monetary Fund



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International Monetary Fund

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International Monetary Fund history of IMF its purpose how it is seen in Economist articles


Lecture number:
34
Pages:
2
Type:
Lecture Note
School:
West Virginia University
Course:
Pols 103 - Global Political Issues
Edition:
1
Documents in this Packet
Unformatted text preview:

Lecture 34 POLS 103 1st Edition Outline of Last Lecture 1 United Nations 2 Syria 3 Jerusalem 4 Pakistan 5 China Outline of Current Lecture II IMF a official i unofficial 3 IMF seen in articles Current Lecture IMF International Monetary fund Two roles official and unofficial History of IMF Bretton Woods saw collapse of economic system during war time and post war fears global depression not just in the US and tariff barriers collapse of international trade Woods therefore created IMF world bank Official Lends money to states to keep their currency stable by stepping in IMF can stabilize countries currency However IMF demands collateral to do this countries don t have regular collateral so IMF demands policy change The policies the IMF follows are right from Liberal Economics Money IMF uses comes from donor countries all rich all western liberal capitalist the economic policy used by IMF is the economic policy of donor countries Unofficial All that knowledge that the IMF uses to step in in times of crisis means that the IMF has good information on the current policies and activities of the certain state These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Report Card grading other countries The report card has no direct effect for the IMF but the report cards are available for everyone what the IMF says has lots of influence over how much investment there is IMF bestows legitimacy good report card capitalism likes you bad report card capitalism doesn t States object to IMF they say it has too much power IMF enforces Washington Consensus IMF is in Washington Forces states to go along with policies ideas some say this violates sovereignty Golden Straight Jacket IMF forces states to adopt a specific set of policies regulations laws states claim that this violates sovereignty IMF says this is not true they don t force states to change States say in response to that If we don t listen to you we get nothing The golden part comes from doing what the IMF wants you get money IMF recommends the same basket of policy changes to everyone In Articles Most poor states need money investment World Banks Article World Bank similar to IMF main goal is to help global poverty as opposed to IMF which is stability But it operates the same as IMF Article notes all the controversy around new head of world bank Emerging Markets a number of developing countries with economies bigger than IMF can generally help article reinforces that the world markets are rejecting both countries Russia and Brazil article suggests that the countries would be better off if they reformed their policies Abenomics Japans economy has been a mess for over a decade Reform is hard Japan is too big for the IMF yet reform golden straight jacket still relevant for them Tanzania and Elephants poaching makes people money people in Tanzania turn to poaching to make money pays better than non criminal jobs IMF symbol of globalization does good but has cost These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute


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