“The IMF is like a doctor who prescribes medicine that makes the individual sicker, yet the medical professional earns money anyhow.”– Joseph Stiglitz
I stumbled across this quote from Nobel laureate Joseph Stiglitz in a dirty business economics book years earlier. It’s haunted me ever since. It’s sharp, nearly harsh in its clarity, like a stab you really did not see coming. Why do so many nations feel this way, especially those in the Global South? They believe the IMF and Globe Financial institution, these meant worldwide lifelines, are just creatures. They perceive them as dancing to an US song.
When I initially found out about these organizations, I pictured them as neutral moderators, jumping in to save having a hard time economic situations. The even more I check out, the extra complicated it became. It seemed like peeling an onion-layer after layer of intricacy, and indeed, a couple of tears along the means. There’s something unresolved below, something that doesn’t rest right. Allow’s go into why this perception exists, and whether it’s the entire story.
The Birth of Giants: Bretton Woods and an US Plan
The year is 1944 The globe is reeling from war. Worldwide leaders collect in Bretton Woods, New …