[lbo-talk] Did the IMF get religion

Politicus E. epoliticus at gmail.com
Thu Apr 9 07:02:01 PDT 2009


The Economist has a new apologia for the Fund in its April 8th edition. You may read it at http://tinyurl.com/csp2bb.

For example, the Economist characteristically states:

"Even quota reform, hard though it is, need not be impossible ... [Mr. Prasad] suggests shrinking all existing quotas by 20%, so that a country that at the moment has 10% of the votes would have 8%. Then the 20% of quotas freed up could be auctioned, with an upper limit (say 14.9%) on any country’s share. In effect, this would give more voice in the IMF to those who want it most, giving them a greater stake in its success."

I suppose that I ought to be pleased that at least the Economist tacitly endorsed a quantitative restriction, i.e. an upper limit, on quota ownership in contrast to its usual rants about tariffs.

epoliticus

-- "In the tender annals of Political Economy, the idyllic reigns from time immemorial ... the present year of course always excepted." -- A German refugee, circa 1867 --

http://epoliticus.wordpress.com/



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