Book Review-Unholy Trinity: The IMF, World Bank and WTO (Chapter Three: The IMF (PP. 66-127))

 

 

The book is written by Prof. Richard Peet and Published in 2009 by Zed Books New York – London.

The aftermath of WWII has brought a complicated Bretton Woods gathering which is a prime cause for an intricate global governance system. It incubates non-state but powerful global governance systems-the IMF, WB, and WTO. It has purported to keep the power balance of the developed nations though it seems indifferent and equally benefiting all nations. It accumulated power and influence encircling 185 states of the word at its mercy hands. Most of which are decent but affected drastically and disastrously on their membership with IMF.

IMF is formed, trained, and shouldered neoclassicism and neoliberal line of thinking serving the ideological (especially economic ideology) interests of the developing nations contextually. It has devised an indirect and concealed style of governing global economies of developing nations via provision of short-term loans on austere conditionality which is devastating to the debtor countries in the long run. It has exchanged current problems of poor countries with short-term loans bearing lasting negative impacts on their economy. It has ignored the lives of the poor. It advocates privatization, deregulation, and cutting back of subsidies and public services which would in turn cause a rise in food prices, costly social services, and unemployment. Not only this, it snatches the regulatory power of governments not to cure the problem it resulted. It denies developing countries the chance to follow their developmental trajectory. They are denied of their wish to follow the path that they would like to develop differently. At the end of the day, a multifaceted turmoil filled with recurrent riots and demonstrations pooling or cooling an economy; and hampering developmental endeavors of poor countries has been occurred.

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