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lecture17(April3)

lecture17(April3) - Lecture 17 International"Economic...

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Lecture 17 International “Economic” Institutions: Reform or Dismantle?
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Lecture Organization Change in Economic Orthodoxy Main role of International Institutions Washington Consensus and Its Downfall Criticism of International Institutions: The IMF and WTO Reform of International Institutions Conclusion
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Brief overview of economic orthodoxy, last 60 years The “orthodox view” changes over time Post WW II orthodox view favored reform of capitalism, heightened government intervention Creation of IMF, World Bank, GATT and (later) WTO Post Soviet (early 1990s) orthodoxy saw markets as pre-eminent.
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The IMF Role of IMF to avoid financial crises by making short term loans to countries with severe short term balance of payments deficits. Thus act as a “lender of last resort.” IMF also provides loans for structural adjustment, i.e. economic reform
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ITO/GATT Charter agreed at UN in 1948 Objective to promote free trade US critics call it “Economic Munich” (explain “Munich”), claim excessive reliance on government interventions. US refuses to ratify 1948. GATT adopted 1948/49 by 33 of 50 countries negotiating ITO.
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