INTL DV 110 Lecture Notes - Lecture 9: International Monetary Fund, Michael Manley, Currency Crisis
30 Mar 2021
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Document Summary
State led development (protectionist policies) market led development (neoliberal policies) Rejected by private banks turn to international community for 30229 Provide short term loans to countries experiencing currency crisis in the form of emergency loans ( economic bailout loans ) with restrictive loan conditions. From small and ineffectual conservative investment bank for brick and mortar rebuilding projects (1950-60s_ to a one of a kind supranational development agency (1980-90s) About prying open domestic markets to transnational capital despite opposition ( give us our markets back ) through imf, world bank and other financial institutions (externally imposed) About inviting shock therapy after anti-communist leaders backed by us. Cia seized state power against democratically-elected leaders (internally invited) South korea and asian debt crisis (1997-98); argentina"s imf crisis (2001-02) About stabilizing massive collapse of national currency through imf"s. Neoliberal policy prescription (government cooperation, extreme labor and social resistance) Reduce public spending on welfare and infrastructure (does not help with paying back loans)
