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Article: The evolving international monetary order and the need for an evolving IMF.(GLOBAL INSIGHTS)(International Monetary Fund )
- Article from:
- Global Governance
- Article date:
- October 1, 2006
- Author:
CopyrightCOPYRIGHT 2006 Lynne Rienner Publishers. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Earlier this year, Martin Wolf of the Financial Times used his column to pose an interesting question: If the International Monetary Fund did not exist, would we invent it? (1) His answer, at the risk of oversimplifying, was no, because today's world does not have the courage and vision to create powerful multilateral institutions. We are not sure that we agree with his answer or with his reasoning for it, but we are sure that this is exactly the kind of fundamental question that needs to be asked.
What we would like to do for the purposes of this article is to take a slightly different approach to Wolf's question. More specifically: If the IMF did not exist and ...