The internationa monetary fund controversy essay

It is an organization of 18 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world It provides policy advice and financing to members in economy difficulties and also works with developing nations to help them achieve macroeconomic stability and reduce poverty. During the cooperation and reconstruction phase after the end c Second World War, the IMF was assigned the task of overseeing the international monetary system to ensure exchange rate stability and encouraging members to eliminate exchange restrictions that hinder trade. When the system of fixed exchange rates collapsed in as well as during the oil shocks of andthe IMF stepped in to help countries deal with the consequences. It assisted in coordinating the global response to the international debt crisis caused due to oil shocks.

The internationa monetary fund controversy essay

Hegemony and resistance through identity formations Culture Interpretive Realism has been the dominant school of thought, in both theory and practice focusing on peace through national strength, armament, and balance of power. For Realists, order is the primary normative value and historical analysis is the soundest methodology to pursue.

Liberals, by contrast, have pointed to the integrating forces of the world market as a new reality creating considerable international interdependency in the postwar period. For liberals, freedom in property ownership, politics, and trade is the primary normative value.

In their studies of international relations, Liberals supplement historical analysis with a variety of quantitative and qualitative methods such as time-series, correlation analyses, and simulation games. Marxists and Neo-Marxists, although in decline politically, continue to present powerful theoretical arguments that have an appeal in the peripheries of the world.

They view international relations primarily in terms of class conflict within and among nations and argue that since the 16th century, capitalism has increasingly incorporated the peripheries into a world system of domination and exploitation through imperialism, colonialism, and neo-colonialism Wallerstein ; Schiller The social revolutions in Russia, China, Cuba, Vietnam, and many less developed countries LDCs have attempted to break away from the fetters of the world capitalist system.

But, Marxists further argue, internal contradictions, The internationa monetary fund controversy essay, and revolutionary struggles will continue to challenge the dominant capitalist system. For Marxists, equality is the primary normative value while historical materialism and dialectics are the dominant methodologies.

Although the ideologies of its proponents differ, the centrality of civil society as expressed through community formations, in contrast nation-state and social classes, is what unifies this theoretical perspective.

As expressed in its cultural, communal, and institutional formations, civil society thus serves as the underlying unit of analysis. In the traditional literature of international relations, this school of thought is closely linked to the institutionalist perspectives emphasizing the integration processes of world and regional systems.

However, it also has manifested itself in a variety of anti-colonial, nationalist, tribalist, localist, ethnic, and religious movements focused on mobilizing the common historical memories of the peripheries in waging a cultural and political struggle against the centers.

The Communitarians thus emphasize the centrality of political community as a condition for a durable peace at local, national, regional, and global levels.

Community is thus the primary normative value to be pursued, while institution building for world economic, political, and cultural integration are the policy recommendation.

Emanating from the poststructuralist and deconstructionist schools of thought, postmodernism is deeply imbued with linguistic analyses of knowledge and power. It therefore highlights the central importance of identity as a major principle in the globalization and localization of knowledge and power struggles and truth claims.

Organization and administration

Generally committed to radical relativism, postmodernism interprets contemporary international relations as a process of negotiation of knowledge, power, and identity through military, economic, and cultural arsenals of influence. While some tendencies in postmodernism are nihilistic, others seek out those universals in global knowledge that could unify an otherwise divided world.

Although each theoretical discourse has its own unique set of assumptions and conclusions reflecting competing interests in the international community, global communication has forced them into a grudging dialogue.

Table 1 confines itself to a typology of the main theoretical strands. There are many theoretical hybrids that have enriched international discourse on world order. However, it is significant to note that the axial principles of the five schools of thought together constitute the five democratic goals of order, liberty, equality, community, and identity in the modern world.

Thus, the effects of global communication on the evolution of international relations theory and its underlying international system have been two-fold. On the one hand, global communication has empowered the peripheries of power to progressively engage in the international discourse on the aims and methods of the international system.

In this way, Liberalism challenged the traditional state-centered, protectionist, mercantilist policies of the 16th to 18th centuries with its revolutionary doctrines of laissez-faire in international trade and protection of property and liberty in domestic life. However, it also incorporated much of the geopolitical Realist view of power politics in its justification of the colonial and imperial orders while increasingly emphasizing the role of IGOs in the management of the international system.

The internationa monetary fund controversy essay

Similarly, Marxism challenged Liberalism's dominance in the 19th and 20th centuries by its mobilization of the peripheries against the colonialist and imperialist orders.

However, in practice, Communist regimes often cynically followed Realist geopolitical doctrines in favor of international proletarian solidarity. Liberalism, in turn, undermined the Communist regimes by its control of the main world capital, of trade, and of news flows through appeals to democratic values.

In a world system dominated by state and corporate bureaucracies, Communitarianism is the latest phase in a continuing theoretical and ideological struggle by the peripheries to put the human rights of the oppressed on the international agenda. In its preoccupation with the collective rights of community, however, Communitarianism cannot altogether ignore the Realist focus on political order, the Liberal preoccupation with individual freedom, and the Marxist concern with social equality.

Postmodernism deconstructs the truth claims of all of the foregoing schools by casting doubt on their meta-narratives.The International Monetary Fund periodically develops programs to "rescue" countries from debt default. However, many developing countries argue that IMF policies often hurt the poorest of the poor, and sometimes to the advantage of rich countries and global corporations.

From time to time the.

Introduction

Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UK Essays. Published: Tue, 25 Apr Analyse the roles played by the World Trade Organization, International Monetary Fund, and World Bank in the world economy.

3 CHAPTER 1 SOME BASIC CONCEPTS AND APPROACHES IN THE STUDY OF INTERNATIONAL RELATIONS Robert “Robin” H. Dorff he study, analysis and planning of strategy require a basic familiarity with some essential concepts and.

The internationa monetary fund controversy essay

The International Monetary Fund, or IMF, promotes international financial stability and monetary cooperation.

It also facilitates international trade, promotes employment and sustainable economic growth, and helps to reduce global poverty. Essay IMF (International Monetary Fund) is playing an important role for the global economy since the time when it was established, and is an international organization working to foster the global monetary cooperation, secure financial stability, facilitate international trade, promote.

GLOBAL COMMUNICATION AND INTERNATIONAL RELATIONS: the World Bank, the International Monetary Fund, the General Agreement on Tariffs and Trade (GATT), and its successor, the newly formed World Trade Organization (WTO).

A telling example of this dilemma is the controversy in the United States on the Clipper Chip and V(iolence) Chip. In.

International Monetary Fund and its relation with India - iasinsights