Weisbrot, Mark, (2016), “The IMF’s Lost Influence in the 21st Century and Its Implications”, Cepr Publications, 25 Ιουλίου
Over the last decade and a half, an epoch-making change took place in international economic relations. This change was so big that it was probably the most important development in the international financial system since the breakdown of the Bretton Woods system of fixed exchange rates in 1973. But hardly anyone noticed it. What happened is that the International Monetary Fund (IMF) lost most of its influence in developing countries—in particular the middle-income countries. This has turned out to be important for a number of reasons. It is most likely part of the explanation of why most developing countries have done better in the twenty-first century than they did during the pro longed economic growth failure during the last two decades of the twentieth century. The IMF often spearheaded big neoliberal policy reforms that coincided with the slowdown: tighter (and sometimes pro-cyclical) monetary and fiscal policies; the abandonment of development strategies and industrial policies; various forms of deregulation; and an often indiscriminate opening of international trade and capital flows.
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