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If IMF has expired its utility, then the option of not taking IMF money very obviously is there and we can concentrate on some other ideas. What might they be?
by ptaipale 10y ago
If IMF has expired its utility, then the option of not taking IMF money very obviously is there and we can concentrate on some other ideas.
What might they be?
- RobertoG 10y agoFollow the development path of Japan, South Korea etc? Because that was what the discussion was about in this thread, or not? I mean, why is not the IMF advising that?
- varjag 10y agoWas South Korea ever in need of an IMF loan to make the ends meet? And mind you it's development path took decades through a fairly unpleasant dictatorship. Is this really better than IMF aid, do you really advocate that?
- AnAfrican 10y agoYes. South Korea has been in need of an IMF loan. As recently as 1997 https://www.imf.org/en/News/Articles/2015/09/28/04/53/sp012198a https://www.imf.org/en/News/Articles/2015/09/28/04/53/sp0121...
- ptaipale 10y agoTo first question: actually, yes it did - in 1997, South Korea took a bailout from IMF and restructured the economy. As you can see, it worked fairly well, though it involved some painful changes certainly disdained by many people at the time. (The dismantling of Daewoo, for instance).
- AnAfrican 10y agoBecause the devellopment path used by Japan and South Korea is very close to the one used by Zaire and pre-1980 Brazil or Syria and many other places where it failed. And in many cases, those attempts failed by the 70's