International Monetary Fund Says “Vaccinate, Calibrate, Accelerate”: Using COVID-19 to Reset the Global Economy and Go Woke

“The IMF is a powerful global organization, especially in the economic sphere. According to its website, the group “works to achieve sustainable growth and prosperity for all of its 190 member countries.” It supports policies that promote “financial stability and monetary cooperation” as these are essential to increasing “productivity, job creation, and economic well-being.” The IMF has three key missions: “furthering international monetary cooperation, encouraging the expansion of trade and economic growth, and discouraging policies that would harm prosperity.” To fulfill these missions, IMF member countries work collaboratively with each other and with other international bodies. Critics have noted some problems with this organization. For one, a 2002 study of academic work on the IMF shows, “no consensus on the long-term effects of IMF programs on growth”. While some research has found that IMF loans reduce the odds of future banking crises, other studies have determined that these loans “can increase the risk of political crises.” Activist Titus Alexander has argued that the IMF is a pillar of “global apartheid,” with developed nations seen to have a dominant role over less developed countries.”

Published by markskidmore

Mark Skidmore is Professor of Economics at Michigan State University where he holds the Morris Chair in State and Local Government Finance and Policy. His research focuses on topics in public finance, regional economics, and the economics of natural disasters. Mark created the Lighthouse Economics website and blog to share economic research and information relevant for navigating tumultuous times.

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