Eliminating the IMF An Analysis of the Debate to Keep, Reform or Abo
This book offers a concise but thorough analysis of the International Monetary Fund reform debate. Since the advent of the Asian financial crisis in the late 1990s, a lengthy deliberation has ensued over whether the IMF should be reformed, abolished,
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Eliminating the IMF An Analysis of the Debate to Keep, Reform or Abolish the Fund
Eliminating the IMF
Imad A. Moosa • Nisreen Moosa
Eliminating the IMF An Analysis of the Debate to Keep, Reform or Abolish the Fund
Imad A. Moosa School of Economics RMIT School of Economics Melbourne, VIC, Australia
Nisreen Moosa University of South Australia Adelaide, SA, Australia
ISBN 978-3-030-05760-2 ISBN 978-3-030-05761-9 (eBook) https://doi.org/10.1007/978-3-030-05761-9 Library of Congress Control Number: 2018968425 © The Editor(s) (if applicable) and The Author(s) 2019 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
To Danny, Ryan and Ivy
Preface
This book is written in the normative, rather than positive, tradition to point out what ought to be, rather than what is, with respect to the question of what to do about the International Monetary Fund (IMF). Although the views on this issue vary, they fall under three alternative courses of action: keep, reform or abolish. Calls for the preservation of the IMF are made by those who want to maintain the status quo, those who want to introduce cosmetic changes and those who want the IMF to expand and its mandate broadened. Those calling for reforming the IMF put forward various suggestions that boil down to limiting the damage inflicted by IMF conditionality on poor countries. Then there are those who believe that the IMF should be abolished, either because the purpose for which it was created is no longer there or because the Fund has done so much damage and inflicted so much pain on the developing world that no amount of reform would suffice. The book is divided into seven chapters. The main issue under conside
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