IMF: Case of a Dead Theory Walking.

Foreign Policy in Focus | April 17, 2000| | Copyright

The Asian financial crisis has eased, but its reverberations have enmeshed the International Monetary Fund (IMF) in a major legitimacy crisis over its recently assumed mission and its ability to implement it. That new mission--promoting free capital mobility around the globe--parallels U.S. policy, though deviating sharply from the IMF's original function. The IMF's crisis is thus also a U.S. policy crisis.

Under the Bretton Woods Agreement, reached by the major capitalist powers toward the end of WW II, the World Bank was to provide reconstruction financing, while ...

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