Last class we took a couple of minutes to discuss the International Monetary Fund (IMF). I could tell you before looking this thing up online I really had no idea about it besides that it is a bank that can be found throughout the world. The IMF is an international organization that basically looks over global financial systems by looking at the impact of the exchange rates and the balance of payments. By doing this it can supervise it’s the world’s international payment system. I first asked myself, what is so wrong with the IMF trying to help out organizations, but I ended up doing my own research and found a lot of criticism by others. The organization supports over 20 countries that are under military dictatorship. This has been very controversial to a lot of people sense the beginning of the Cold War. It is said by the anti-globalization movement that the IMF is hostile to views such as democracy, human rights, and labor rights. Just like the IMF the World Bank also does this. The organization has had criticism of giving loans, debt relief, and bilateral aid with interests with the idea of international development that would profit the organization and not the country.
I, myself, have never had any problem before with the International Monetary Fund. By looking at it I found some pretty tough things to consider. This organization does help countries that are like the United States and Great Britain but do support countries that are of military dictatorship and some who are own enemies. It seems like an organization that is neutral in everything but only exists to make money for itself. It gives me the idea that if one of these dictator countries wanted to fight America and they wanted to finance a military take over the IMF would be financing our enemies. There is also the part where they are doing business with people who violate human and labor rights. This is something that I do not believe in and feel that IMF is a pretty bad organization, when it comes to these priorities. Then again the IMF is not the only organization that does this.
June 24, 2008 at 6:23 pm
I don’t think that the IMF is as uninvolved politically as you think. I’m sure that if a military dictatorship was trying to get money from the IMF to fund a war against the United States the IMF would not allow it. I think that the United States has enough influence within the international community that the IMF wouldn’t fund a country to go to war with them.
I do agree with the part that IMF should not be funding people that violate human and labor rights. Overall though no organization is going to be perfect and they do good things in some countries. You just have to take the good with the bad.
June 26, 2008 at 8:07 pm
Really? Who knew… the fact that they could help establish a military that could potentially be harmful to us is really scary.. However, would it really help fund such an act?
June 30, 2008 at 2:00 am
I’m on the fence about the IMF myself. In it’s defense, they view themselves as a humanitarian organization according to some economics professors I’ve had. However, the IMF is an economic regime, it works based on market principles, not humanitarian. Thanks for bringing this up.