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The Asian Crisis, the IMF and the Critics

  • Design
  • Economics


The recent East Asian crisis raises questions about the ability of the IMF to perform its traditional role-stabilizing financial markets and preventing transitory financial dislocations from becoming contagious--in an economic and financial system that is virtually seamless, timeless and borderless. The upshot has been a search for remedies; but most have focused on patching up the existing Bretton Woods agencies. The new global economic paradigm requires more than patches. Rather, the U.S. should take the lead (as it did half a century ago) in convening a Bretton Woods II Conference to design the economic-financial architecture for a new and very different global economy.

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