IMF/World Bank do a terrific job. It's a lot easier to understand how their policies are effective and actually not the complete failure they appear to be when you understand that their purpose is not to help developing nations, but in fact to secure private property rights for our corporations to the natural resources of third world countries. They are tremendously successful at this.Quote:
The key word was "long term" which is perfectly true, though I won't disagree that the IMF and World Bank do a shitty job of tailoring their requirements to the needs of a developing nation (which is a sterling example of how the free market could provide better allocative efficiency)
It's their intended answer, and it's the correct one provided that you accept the established dogma about what capitalism is, dreamed up by the jokers who have designed our ridiculous monetary policy, rather than looking at what is going on in the real world, right now and throughout history.
We've all heard this song before. See above.
Yeah, I see your point.