The Fall and Rise of Keynesian Economics

By John Eatwell; Murray Milgate | Go to book overview

15
Is the International Monetary Fund
Past its Sell-by Date?

The international financial system has undergone profound changes since the architecture of the International Monetary Fund (IMF) was determined at Bretton Woods in 1944 and since the Fund commenced its formal operations in March 1947. A combination of the well-known effects of the passing of time, institutional inertia, mission creep, and new international monetary and financial arrangements has given rise to an increased questioning of the adequacy of the Fund as it is presently constituted to secure a tolerable degree of stability in the international financial system. The Fund appears to be becoming increasingly irrelevant, impotent, and incapable of either preventing or resolving the difficulties and uncertainties that confront us today.

These weaknesses are not new. They have been rather starkly revealed in the series of crises that have shaken the international financial system since the collapse of the Bretton Woods arrangements in the 1970s: the Mexican debt crisis of 1982, the Asian crisis of 1997, the Russian and Brazilian debt crises of the late 1998–99, the Argentinean debt crisis of 2001–02, and the 2008 credit crunch and global financial crisis, to name but a few. In each of these crises, and in the many others since the 1970s, the IMF invariably attributed the cause of the problem to the financial practices and policies of the individual economies involved; it imposed upon those authorities mandatory contractionary measures in return for its support (and it refused that support to those countries that would not conform); it found the scale of these crises increasingly large in relation to the scale of its available resources.

-305-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
The Fall and Rise of Keynesian Economics
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen
/ 423

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.