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Old 02-22-2017, 01:54 AM
Location: Macao
15,956 posts, read 36,284,627 times
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Originally Posted by Motion View Post
One complaint I've heard over the years is that the IMF too often comes with a "one size fits all" approach with their recommendations for these poor countries. Each country has unique circumstances that need to be taken into account when formulating economic reforms for them.
That's the usual complaint. Additionally, these outside sources (IMF, World Bank) begin to run the 'economy' of the country. Meaning they decide how your nation is going to be governed, and it's priorities, etc.

In general, IMF/World Bank is NOT interested in Education, Public Health, etc. They usually demand that the African President of that respective country focus on the nation's natural resources, and getting them to market. Hence, you'll see strange things like a nation growing foods but required to export it, while their own citizens might go hungry, etc. On and on like that.
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Old 02-22-2017, 01:04 PM
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I know many people associate the IMF with neoliberal/capitalism. But some of the biggest critics of the IMF are free market minded people.

The IMF, Salsman explains, provides cheap loans, subsidized mostly by the U.S. government; in return, it dictates economic “advice” to the borrower. That advice is always the same. First, the IMF tells a country to increase its taxes in order to reduce budget deficits. The IMF always advocates higher taxes, never lower spending. Then the IMF suggests devaluing the nation’s currency, a kind of one-shot hyperinflation that allegedly “stimulates” the economy and encourages exports.

Free-market policies? No, the IMF’s prescriptions are as far from the free market as you can get: unchecked government spending, higher taxes and government-induced inflation.

Argentina’s Intellectual Collapse: How IMF Policies Ruined Argentina’s Economy | Capitalism Magazine
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