The new IMF prescription of fiscal austerity and no capital controls makes little economic sense.
Regions / Argentina
Sparked by the government's latest economic policies, which restricted the amount of money people could withdraw from their bank accounts, political demonstrations and the looting of grocery stores spread across the country.
Will the Bush administration retreat from hardline unilateralism when it comes to aid for Argentina?
The reverberations from the Asian financial crisis of 1997-98 enmeshed the International Monetary Fund (IMF) in a major legitimacy crisis over its recently assumed mission to promote free capital mobility around the globe.
The policies of the IMF are not only backed by the U.S. government and its allies, but also by powerful elites in low-income countries. Yet the economic case for change is overwhelming
The U.S. needs to resume its original Bretton Woods perspective.