International Economic Environment and Policy

Submitted by Md.Khurshed Alam

ID 529778
Topic : Joseph E. Stiglitz Criticism of IMF
Submission date

Joseph E. Stiglitz

Joseph E. Stiglitz is an eminent economist , writer and strong critique. He worked under Clintons
administration. He got Nobel for his outstanding activities. He always tries to give something to the world
economy. He always researches about the economy, problem of economy and tries to solve the problem.
He has a good knowledge about how the markets work and where the market is failure. He sees how the
politics affects the world economy. He is aware of about the roles of world financial institution. He traveled
to more countries and acquired knowledge about poor people, the economy of poor country , the economic
policy of the poor country. He practically deals with US policy and looks how US policy affects the world
financial institution for their own benefits and insert their own agenda into world financial institution. He
is astonished about the organizational behavior, policy, model, management system of the IMF. He can not
belief that how conflicting roles of IMF damages the economy of developing countries. IMF conspiracy
makes him strange. Miss management and miss practice of IMF compel him to tell something about IMF. He
criticizes strongly about IMF in his book name Globalization and its discontents.

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1.The loan policy of IMF and its consequences:

IMF is an organization that ensures their benefits before giving the loan. A county takes loan at that
position when its condition become worse or want to pumping the economy. By taking the loan the
country wants to utilize it in various sectors in order to ensure productivity of the loan. Every
country almost faces low or high economic pressure internally and externally. So, by taking the loan
from IMF the country faces extra external pressure. Because it has to follow the guideline of IMF.
The guideline is necessary but we have to assure that is it actually contributed in developing the
country. No country wants to create new problem by taking the loan. If impose high taxes the daily
life of the poorer people become hard. Again, the government spending is necessary for the
development of economy for the betterment of public life. IMF is interested about privatization and
deregulation. But for this , requires a clear guideline . We also keep in mind about interest rate
policy of IMF.IMF always interested to impose high interest in order to make ensure the suitable
position of exchange rate. But it creates problem in other side. The increase interest rate appreciate
the home currency because demand for the home currency increases and it losses competitiveness
in the world market as well as can not survive more in the competitive world. As a result the
country losses its export. Finally, the large no of firms faces the bankruptcy problem. All of these
factors raise the questions in Josef Steiglitz mind that how can it is possible to develop of a torn
economy by obeying the rules of IMF. The policy paper of IMF creates existing problem severe to
severe.

2.To push one policy :

IMF is the watchdog of the global economy and they should produce the policy that may suited to
the individual countrys economic condition. To develop policy separately for developed and
developing country. Policy for poor country is valueless for rich country because economic
condition, strength, weakness are not same. IMF also tries to established based country and apply
the same guideline for another country. To use one policy for all country produces new challenge
and another economic problem. Like the imposing policy of Latin America in 1980s tried to adopt
in Thailand crisis in 1997.These types of malpractice identified by Josef and as per his opinion IMF
is not well enough to realized ones country economic condition but the developed the policy. IMF
is criticized because they want to use one policy for the rest of the world.

2.Downsize the government budget:

The government should spend on for food, cloths, dwelling places, education , medical care and
social safety net for the welfare of the people. For example, If the government minimizes its
expenses on medical care the life of the poor people become tough. The government is the father of
the country and he has to look after the happiness and sorrows of the people. So, he must spend on

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treatment is natural and the government should ensures the necessary fundamental rights of the
people to accelerate the development of the economy. But, the balance budget is the condition of
IMF. To cut the expenses to make it balance .What is the result of downing the expenditureunemployment, the law and order of the country break down, riots and violence increases as well as
peace disappear from the country. The government undertakes different program for the balanced
development of the country. Suppose he has to spend on maintaining roads, to build new roads,
bridge and others structures of the economy. The policy makers remain busy by taking the loan
from IMF to fulfill their goals and country development is almost impossible. So, Why IMF issues
the loan? May be destabilize the economy.

3.To focus on exchange rate:

Exchange rate is necessary rate for the import and export. Demand and supply of fund, inflation,
interest rate, income levels and the government interference are the major ingredients that shape the
exchange rate. The movement of exchange rate creates uncertainty about firms values and
performance .If exchange rate varies it creates difficulties and affects the whole economy. The
Economy of every country is different. So we can not compare between the economy of two
countries. The foundation of economy of every country also different .So before advising for
managing one countrys exchange exchange rate, to observe carefully the ups and down of the
respective economy. And we can not identify a single country as a standard for the other country for
managing exchange rate because the case is individual. So it is clear that exchange rate is the
parameter of the economy. So the individual country will monitor the exchange rate as per
economic condition. What does IMF make in Kenya in 1990s? Try to control foreign exchange
market and the dishonest people take the opportunity to siphon of fund from one country to another
country.

4.Modern policy turns into vain/ IMF in Washingtons blueprint :

A. Privatization:
Privatization basically is a decision of the country when she thinks that it is not possible to operate
business with losses. It can do only for a small no of industries. But it can not be major goal of the
country because it brings more disadvantages than advantages. First of all the government can not
privatize all the sectors because the market is not always able to ensure the demand of the people. If
the government makes privatization of necessary goods or services like education then what
happened? Private sectors come to fulfill the demand. It creates an imbalance competition also
raising the prices and even reduces the quality. As a result one class of people can not afford the
educational expenses.
Main goal of Private enterprise is to increase profit by reducing cost and thereby maximize the
shareholders value. So, how the private firm reduces the cost. They take all necessary steps to
reduce the cost. But the main goal is to reduce the employees. It is basically unethical because from

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where the firing staff will get new jobs? How can he operates his family. He becomes burden to the
existing member of the family. It is also indirectly a cost to the government because the government
spends money for each person of the country .If the persons losses job, but not losses the
consumption, but reduces the consumption, indirectly affect to GDP
To cut the salary, to pay low salary, more unemployed people and social problem crate burden on
the economy. It also creates political turmoil in the country . A large no of people leads their life in
inhuman way. .It also discourages to develop new industry and business is going on the existing
industry. So, there is no opportunity to create new jobs to serve the existing unemployed people of
the economy and the job market is shrink gradually.
Another important matter is that a no corrupt official take the opportunity of privatization. They
want to show that some industries are not performing well. They take the speed money from the
businessman and create the opportunity for the businessman to purchase the state enterprise at low
price. So, this type of destructive policy basically not suitable for the developing countrys where
the maximum no of people lives below than the poverty line. Though IMF suggests for privatization
guided by commercial enterprises; the government should consider the net benefit of privatization.
Privatization is benefited for the economy if it increases the employment and creates new jobs.

B. Open market policy does not win :

To open the market is the hidden policy of USA. They are always seeking the market and
continuously watching whose has a good and potential market and want to transfer their volatile
fund to less risk free country. If they get the market try to enter at that market by liberalization
policy. If the country does not open the market imposes different embargoes so that their product
can not compete into global market. On the other way, they protect their business position through
trade policy. IMF believes that if the market is open then the growth rate of the economy will
increase. This is actually bad concept for the economy. By opening the market to jeopardize the
legislation and to facilitate to come fund from abroad for short period and this fund also not suitable
for investment because it has to pay within short period. It looks like call money of the bank. In
order to meet short term loan payment at a notice the bank requires always to build up a reserves.
Opportunity cost also associated with reserves. So, what is the benefits to take loan and to reserve it
at low interest rates and to pay high rate.
Open market undoubtedly creates competition. If the competition persists in the economy, the
people get the products and the services at affordable prices. For the betterment of economy
requires a criteria regarding open market. Does all the population in every country of the world
understands it ? The maximum traders in the developing country are not well educated. By opening
the market to turn the country into foreign market. It also creates unemployment problem. it is an
ambitious policy because it damages growing industry of the poor country. The backbone of the
country gradually decays and the country become dependent on the other country .
Those who have more savings less consumption need not to open the market rather it should invest
its surplus fund in another country after meeting the domestic needs. If the country requires funds it
can attract foreign investors to invest as a Foreign Direct Investment. But, IMF always want to open
the market as quickly as possible. Before opening the market needs to design all internal
infrastructures of the economy. There is also important that they require a divergence and skill
manpower in order to compete with the global sophisticated market. For example, china open the

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market after 20 years ensuring the solid economic structure1.

By opening the market making investment expensive. Poor people can not finance their investment
at low cost. So, it pushes the poverty a head by reducing incomes. Like, Sub Saharan is the most
leading poverty country who losses their income 2% for trade liberalization 2.
Again open market is not suitable for all. The people of the country who do not get food two times
in a day, how can they ensure the concept of free market . Free market means expensive market for
the poor countries. To take the loan to solve the one problem but in hidden to birth up another
problem
Open market means unregulated market. IMF interested about open market. But their policy suggest
the regulated market. It creates conflict among policy holders. So there is a clear lack of guidance
in IMF policy regarding open market. They try to monitor exchange rate and create conflict
regarding open market.

C. Short term discomfort creates long term problem:

Before adopting cost crashing program at fist truly identify is the employment condition of the
economy is down or up. Without understanding the economy, to run painful program creates
another problem. Say , an inflation is an macro economic factor. It means excess money goes to the
government. The people spend more for the same product and the reduces the demand and total
demand of the economy is low. If demand is low no supplier comes to set up for investment in the
long term. It does not create job but make challenge for the existing job because huge supply of
labor. As a result , entrepreneur tries to take the opportunity to pay lower salary than before or not
raising the existing salary. So ,it creates labor movement, social unhappiness and instability. So, we
should not only think about inflation but also think about other macro economic factors like growth
and employment .We have to understand that during down economy, the employment is lower and
to take measures to increase the employment, like to increase government expenditures and to
reduce the tax burden and diminish interest rates. As a result, the expenditures of the people
reduces, creates saving and saving makes to investment. Final result, employment. But during
unemployment situation to take an austerity program creates more unemployment, reduces the
existing total demand, savings are low, discourages the investment. IMF has inflation fever. They
think that if the government spends more than income creates inflation. But it is true that mild
inflation is necessary for the growth but excessive inflation hampers growth and employment. They
think that deficit budget is responsible for lower growth. So, they suggest for balance budget, to
reduce the government expenditures and to up the interest rates. They think that if the countries do
it, then a better future waits for them. It is not always possible to develop balance budget because it
is commercial thinking. So , why the government? The aim of IMF is to reduces money supply
from the economy during downturn. What happened? No more demand, no more investment, no
employment. The economy goes down further.
1 Globalization and its discontents,Joseph E. Stiglitz,p-60
2 Globalization and its discontents,Joseph E. Stiglitz,p-61

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D. To reduce educational expenses:

For the development of economy education is also necessary input. If the large portion of
population remain in darkness, development of the economy is not possible. Basically women
education. In poor countries women are out of date and can not take part into development
activities. They dont know how to write and read and easily cheated by 3 rd person. For this,
developing countries take especial measures in order to educate the women with the men. Takes a
no of program like adult free education, to reduce school expenses, to offer technical education with
traditional education, etc. But, USA is not interested on this aspect. IMF thinks that US policy is
right. USA thinks that to cut government expenditures on the school education and to charge the
fees for the education to raise the no of enrollment. How can it possible? To send the children to
school is not necessary for the poor family. To earn money is mandatory in order to leave.
Maximum no of people in the developing countries are day labor to earn daily and lead their daily
life. For example, if one does not go to the job one day then he has to leave without food .So, to
take the money for the education will not increase the percentage of literacy rather it will damage
the existing literacy and decreases the percentage of education in future significantly .So, USA does
not understand the real scenario but advocates the policy and IMF support it and implement it in
different countries. But African countries showed that if the government spend for education then
the literacy will go up as opposite to USA.

5. To produce the policy without discussing :

It is necessary to discuss with that country for whom the policy will be developed. To generate the
ideas, to discuss about the problem, how can solve the ongoing problem, what measures should be
effective. By discussing with different groups, leaders, economists can get more ideas. By utilizing
that can produce a suitable plan to solve the problem. But IMF does not consider it. They are the
IMF staff. They think that they know more than the others. As a result they create Ivory Tower
planning for the poor country.

6. IMF is suffering from coordination:

Coordination is an important part of management. To achieve the organizational objective requires
coordination. If there is no coordination then objective of the organization becomes ruin. IMF
produces the policy but there is clear evidence that IMF has a coordination problem. One staff does
not what the other does, who is the inferior or who is the superior power, who roles on the policy.

7. To ask for democracy but follow autocratic manner:

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IMF always opines about democracy. Democracy is also necessary for the development of policy
paper. If there is democracy , obtains more valuable information, different groups, policy makers
wanted to suggest about possible merits and demerits of the respective policy. But IMF is not
interested to listen others. As a results the policy of IMF becomes obsolesce and it adds fuel to the
existing crisis.

8. Unskilled staffs:
Human resources are important factors for managing successfully of an organization. Skills workers
are helping to achieve the common goal of an organization. But what IMF does? They have
workforces to analyze the economic condition, to develop the policy for the individual country.
But in making policy they make a mistake, failure to incorporate the information of poor
countries. The vigilance teams go to the country who have no experiences about the respective
country. Even, they do not want to listen what poor countries leaders want to suggest. But in reality
the poor country has good divergence economists than the IMF has.

9. Excessive pressure on the Policy makers:

Government is the supreme authority of the country. He can take a no of steps to make better
prosperous country. On the basis of economic condition he develops his portfolio plan in order to
improve the country in a right way. Aiming to portfolio, he designs his fiscal and monetary policy. It
is not one day plan. It is the part of long term plan of the government .He makes it carefully
considering economic trend and take the decision aiming to optimal economic development. But,
IMF interferes in the middle . As result, the development of the country becomes slow and loss the
direction. In order to make happy of IMF it has to create a new plan hurriedly.

10. Fails to achieve mission:

Mission carries the message to the people what ones wants to do, how does he achieve the goal.
Keynesian is the pioneer of IMF mission. His thoughts are the root of IMF. He believed that market
is failure. But IMF modifies its mission with market economy. It is totally opposite with Keynesian
thoughts. It establishes in order to remove global instability and acting together with all other
countries of the world. IMF is unable to stick with its core mission, global stability and also failures
to harvest the benefits of new mission.

11.Well wisher of USA:

USA is the one country in the world who always makes politics with the other countries of the

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world. Always tries to enter into another country physically or by products or by services. So, it is
not always possible for USA to invade another country directly. To make the truth his dream he
takes help of IMF and pressure on IMF to develop the policy in favor of USA.IMF develops the
policy in a way so that other country open the market, looses the trade policy. As a result the
country turns into hunting palace for USA. The US MNC takes the opportunity and increases their
ventures.

12. Lack of accountability, good governance and non transparency :

Accountability is an essential part of democratic body. Accountability guides the staff what to do
and what not to do for the welfare of the people. If there is no accountability then the structure of
the management breaks down. The organization is unable to pick up the goal. How can we ensure
accountability?.To inform the people with necessary evidence that what are doing, what are the
achievement, progress, future plan. This accountability is rare in IMF. As a result its policy,
procedures are unable to achieve the objectives. So it is the time now to assess the performance of
this global institution.

Good governance is also an important managerial aspect that shape the organizational policy,
procedures. It ensures that everything is going under preplanned. If deviates the plan then take the
action. But if there is no organogram about authority, responsibility and accountability who will
control the organization .IMF has poor governance and they are governed by the rich countries.
Free flow of information is also necessary for managing the organization from outside. By
appraising the information one can easily assess the performance of an institution. But they have
inertia about free flow of information. They stickly control the information so that outsiders ,
including stakeholders and stakeholders can not acquire the information. They love secrecy. They
are not interested to tell about possible defects of the policy. By imposing control on information
sharing, they violate the fundamental rights of the people and the country. For example, they are
working jointly with the World Bank but do not supply the all information to the World bank!3

13.Using ancient model:

Every scholar tries to build up a model in order to solve the economic problem .Then decides which
will be used in the model as an input in order to get optimal output. If there is a problem in
selecting input or in inappropriate system or process one can not get viable result. IMF avoids
unemployment issues and thinks that , if demands equals to always supply then there is no
unemployment. But in reality it does not correct. The approaches that IMF uses are misleading and
conflicting and arises a question about its intellectuality to handle global economic stability. For
example by using the model, they miss calculate US unemployment rate 6% instead of 4% 4.
3 Globalization and its discontents,Joseph E. Stiglitz,p-51
4 Globalization and its discontents,Joseph E. Stiglitz,p-34

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This model indicates that market will determine everything. But does it work? Does the market
work efficiently. If all the information reflects in the economy and other assumptions are
established then the market is called perfect. But it is not possible because lack of competition and
not true information. So, it is not wise decision to leave everything on the market. Basically for the
poor country because their economy is based on fragile structure. If thinks that market is the
decision maker then there is a big failure It ultimately reduces the growth of the economy and
increases the poverty. But, in accordance with USA , IMF believes that it increases growth.

14.To push inappropriate policy or techniques:

After assessing the problem they push forward some programs into a country in order to bring
stability. But the question is that how can these program enact by the other countries? These
programs were developed in an unproper way. The programs reflect their unskilled behavior, lack of
experiences. Though that are not suitable but the country is compel to obey it because they require
financial assistance. What happened after implementing that policy. To embrace poverty, political
instability and damage the existing economic structure.

15. Influences of Outsiders:

Neutral decision makers are required for making the policy. If biased people enter into decision
making, the decision will not bring any benefit but brings benefits for the certain quarters. In reality
IMF operates by vested groups. Outsiders like politicians and businessman use their mussel to
produce the policy in favor of them. For example, Stan Fischer joined to Citigroup from IMF and
Robert Rubin, the treasury of IMF came from an Investment bank, and later joined to Citigroup5.
So it is not possible to IMF to design sound policy for the world poor country because they want to
play business game.

16.Threat of sovereignty:
Every country is independent and possess the right to act anything for the productive economy. To
take loan or help not means that to sell the country. By taking the loan the country faces the
sovereignty problem because for every economic decision he has to take permission from them.
IMF escapes the responsibility If the country faces more crisis in the middle due to follow the
suggestion of IMF. At that time, IMF declares that the leader of the country does not practise the
suggestion of IMF. They want to bind the country with a rope. They set up massive challenge for
5 Globalization and its discontents,Joseph E. Stiglitz,p-19

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the developing countries. They want to build up a colony by issuing the loan.

17.Copy paste activities:

If any country comes to IMF for help, they take times. Before going to the country they develop a
policy paper. This paper reflects one side opinion of IMF. In order to prepare the policy they search
another countrys policy. Try to link between the base country and problem facing country. After
examining the policy of base country, they make a copy and paste it to the new policy for the loan
seeking country. Later, they travel to the country as an eyewash in order to find any gross mistake
in their policy and final comment.

18.It is now a political institution:

We have to understand carefully the role of IMF and United nations are different. The IMF works
for bringing world economic stability and UN works for world political peace .But if we carefully
diagnosis of IMF activities we get political ingredients in their on going activities. Their hidden
political behavior irritates the developing countries. As result , often we see riots and revolt against
IMF in different countries. Developed countries use them as a beneficial vehicle. Basically, USA
want to implement its political agenda through IMF. For example, US Treasury wants to impose
political burden on Korea that most American would have found unacceptable for themselves 6.
They want to take the opportunity from crisis country. Before sanctioning loan one has to agree
with the terms and condition of IMF agreement. And this agreement paper works as a political
manifesto of the other countries. They want to know about the current law of the country in
accordance with the terms and conditions. Certain conditions like trade barriers, interest rate, taxes,
open financial markets and privatizations are prolonged the crisis. For example, in 1997 through
an agreement they want to open Koreas market for Japanese products7.
Another regretting matter is that if developed countries violate the laws that is not a problem for
them but if the poor countries break the laws of IMF, stands as a great problem. Like USA
neglecting the laws avoiding the suggestions of IMF regarding inflation earned a massive growth in
1990s8.

19.One way communications:

Negotiation is an important step to solve the problem, to generate more valuable information, to get
the idea about exact economic conditions and demand of the economy. But if the communication is
not two ways it violates the proper system of communication because in this sender only sends the
6 Globalization and its discontents,Joseph E. Stiglitz,p-46
7 Globalization and its discontents,Joseph E. Stiglitz,p-46
8 Globalization and its discontents,Joseph E. Stiglitz,p-48

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message and receiver only receive the message and no feedback from the receiver. This is happened
for IMF. They only supplier of suggestion but not interested to take the suggestion. They
accumulate all powers of negotiations and show negative attitudes towards the discussion. The
receiver country does not raise any question because they have no other way. The country leader is
afraid because if the country leader raises the question, IMF may cancels the loan. This is
happened for Ethiopia, South Korea and for other countries9.

Criticize of IMF for conflicting roles in some countries:

A. Ethiopia:

Ethiopia is a war torn country. They are trying to build up their economy. They are poor and
fighting with droughts. Most of the people leave in rural areas. They try to reduce poverty by cost
crashing program and designing policy. They get financial assistance from the others as well. The
income sources of the government is revenues and taxes. IMF worried about their incomes and
budget policy. IMF want they should show the taxes in the revenues side of the budget. IMF wants
they should spend on the basis of earning income from taxes. Though it is poor country but they
maintain their sustainability like almost other poor countries in the world. They know how to
operate the economy on the basis of income from inside and outside. IMF want to liberalize
Ethiopias capital market and want to open its banking system. Why liberalization? To create
opportunity for the multinational firm to enter and to compete . It is an agenda of other countries.
They want that the interest rate of the economy will determine by market forces through open
banking system. But, this policy was avoided by the developed countries at that time. Question is
that, is this poor country is fit at that to compete with global firm? Has it necessary human
resources, financial ability to deal with globally. So, they are not agree to open the financial market.
They learned lesions in Kenya from 1993 to 1994 where 14 banks are collapsed due to open
banking system10.
They believe that if they liberalize, it will bring devastating impact on the economy and make
poor people to poorer and will loss their last means of life like farmers will fail to get credit at low
cost, tough condition, cost of production will increase and the level of farmers income will
decrease. So, IMF raises a question that Ethiopia does not implement IMFs policy and
macroeconomic performance was not good and resumed their aid schemes. But World bank
continues their aid though IMF cancel the aid even up tripled11.
Finally by considering statistics, pressure of lobbying they continues their aid program

9 Globalization and its discontents,Joseph E. Stiglitz,p-42

1
0.Globalization and its discontents,Joseph E. Stiglitz,p-32
1
1.Globalization and its discontents,Joseph E. Stiglitz,p-32

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B. Botswana:
IMF prefers positioning of their own staff. Earlier IMF tried to push their own staff at different
countries. They have low level of trust on the developing countries .By doing so they want to ensure
their benefits and implement their policy. The recruited persons are also carry the bad reputations
and background was commercial oriented. For Example, Botswana is a poor small country and
annual income is almost lower than any other developing country. Cattle and diamonds are their
earning sources. But they have good governance at the root level. The IMF persons design policy
for Botswana and even they recruited the staff for the central bank of Botswana. The county faced a
financial problem due to the income reduces from cattle and diamonds industry. After enacting
IMF policy they face another problem like liquidity problem and fiscal austerity make the situation
worse12.

C. East Asia:
East has a tiger economy, their growth, poverty reduction, savings, political conditions, social peace
employment rate are comparatively good. In one word they are the model for the rest of the world.
They are operating their economic with their own idea. East asian market produces good return for
investment, opportunity to generate more return by investing capital. The market of east asia is also
important for USA because their market is almost in saturation level. So, they want to politicized
the east asia and want to inject their poison into east asia. East asian leaders dont know the
sensitivity of the poison and impact of the poison. As per US policy east countries to free their
market, to open their capital account, invite Multinational Firms, without understanding the US
policy, without designing internal economic structures. History said that opening the market, and
regulation free market do not bring benefit for the country. Results, crisis start from Thailand and
spread all east asian countries. IMF comes with USA policy to rescue the economy. To rise interest
rate, reduces government expenditure ,privatization, reform measures and other conditions make the
economy worse. Their policy make no investment, increase unemployment, poverty increasing,
social impeace, political violence.
Joseph E. Stiglitz tries to help the crisis country with the policy and advices. When IMF failures in
his activities tries to make understand IMF that their policy is wrong and it will creates more
1

2.Globalization and its discontents,Joseph E. Stiglitz,p-37

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problem than the solution. He strongly opposes with IMF policy and advices. He thinks that the
IMF proves its ineffectiveness in solving world financial crisis and it is unable to bring stability in
the world economy. He opines that the total reforming is necessary for IMF.

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