Globalization and its Discontents

Globalization and its Discontents - Part A 1 The LDCs did...

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Part A 1. The LDCs did not question the policies because they were so afraid they might lose IMF funding. Inside the IMF it was assumed that whatever suffering occurred was a necessary part of the pain countries had to experience on the way to becoming successful mark economy, and that their measures would reduce the pain the countries would have to face in the long run. Part B 1. The World Bank’s original role was reconstruction and development. 2. The IMF was charged with preventing another global depression, by putting international pressure on countries to maintain global aggregate demand. 3. The IMF is a public institution, established with the money provided by taxpayers around the world 4. The IMF is founded on the belief that there is a need for international pressure on countries to have more expansionary economic policies. Now the IMF typically provides funds only if countries engage in policies like cutting deficits, raising taxes, or raising interest rates that lead to a contraction of the economy.
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