There have been several articles on the global economy and the IMF to appear in Political Economy. For previous articles on the IMF, see Bretton Woods Revisited: IMF; Congress Gears Up For IMF Funding Debate; Congress Deals IMF Major Setback; IMF Skepticism Grows in Congress; New IMF Strategy Emerges in Congress; Congress Tackles IMF Tax Subsidy Issue; American Farmers Fall In Love With IMF; Congress Requests More Information on IMF; Congress Moves Closer to IMF Funding; Russia Likely to be next IMF Recipient; A Checklist of IMF Reforms; and IMF Dealt Second Major Setback; GAO: IMF Not in Liquidity Crisis; Congress Moves to Approve Funds for IMF; Congressional Committee Averts Full IMF Funding; Congress Votes to Restrain Full IMF Funding; and Last year, I gave a speech to U.S. congressional members and their staff at the Capitol Hill Club in Washington, D.C. The subject was on the growing Asian Financial Crisis and the ability of the Bretton Woods institutions (namely the International Monetary Fund and the World Bank) to deal with the crisis. I began by presented a briefing on my analysis and research I have conducted over the last ten years - the gist of which seems to indicate that at least in the case of the World Bank and IMF, fundamental changes in the way they do business are in order. As I concluded my speech, I said that if policymakers in the audience left with nothing else (and most seemed to forget the data analysis as soon as I spoke it), they should leave with the understanding that the World War II-era Bretton Woods system needs fundamental reform. I said that Congress had a unique opportunity to grasp the moment and initiate an international debate on the need for holding a new Bretton Woods conference.
