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“The Washington consensus is now behind us.”

 “We need a new form of globalization, a fairer form of globalization, a globalization with a more human face.”.

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“The Washington consensus is now behind us.”

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  1.  “We need a new form of globalization, a fairer form of globalization, a globalization with a more human face.”

  2. “The benefits of growth must be broadly shared, not just captured by a privileged few. While the market must stay center stage, the invisible hand must not become the invisible fist.”

  3. “The Washington consensus is now behind us.”

  4. The IMF • Intended to grow the global economy through international trade and financial stability • Conceived in 1944 at the Bretton Woods Conference • Founders thought the organization was necessary to prevent another Great Depression • Est. 1945

  5. Economists John Maynard Keynes (right) and Harry Dexter White, co-founders of the IMF

  6. Keynes: "The decadent international but individualistic capitalism in the hands of which we found ourselves after the war is not a success. It is not intelligent. It is not beautiful. It is not just. It is not virtuous. And it doesn't deliver the goods. In short we dislike it, and we are beginning to despise it."

  7. The IMF Today • Has 187 member countries – a near global membership • U.S. contributes 17.77% • U.S. governor of the IMF is Timothy Geithner, alternate is Ben Bernanke.

  8. What the IMF does: • Surveillance • Technical Assistance • Lending

  9. “IMF loans are meant to help member countries tackle balance of payments problems, stabilize their economies, and restore sustainable economic growth.” – imf.org

  10. Unintended consequences?

  11. According to the Heritage Foundation: • Of the 89 less developed countries that received IMF loans between 1965 and 1995, 48 are no better off economically today than they were before receiving IMF loans.” • “Of these 48 countries, 32 are poorer than they were before receiving IMF loans.” • “Of these 32 countries, 14 have economies that are at least 15 percent smaller than when they received their first IMF loans.”

  12. According to the Heritage Foundation: • The IMF is outdated • It is ineffective • It is unnecessary

  13. Stiglitz: “All the IMF did was make East Asia's recessions deeper, longer, and harder. Indeed, Thailand, which followed the IMF's prescriptions the most closely, has performed worse than Malaysia and South Korea, which followed more independent courses.”

  14. Ron Paul: “The IMF and other complex schemes only serve to obscure the real issue: Why should US taxpayers be forced to send money abroad? …Only free markets, property rights, and the rule of law can create the conditions necessary to lift poor nations out of poverty.”

  15. What does the G-20 think? G-20 TRIPLES the IMF’s lending capacity to… $750,000,000,000

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