![]() | Capital Ideas: The IMF and the Rise of Financial Liberalization Subjects: International Monetary Fund; Financial services industry -- Deregulation; Finance -- Government policy; Credit control; Financial crises; The right of governments to employ capital controls has always been the official orthodoxy of the International Monetary Fund, and the organization's formal rules providing this right have not changed significantly since the IMF was founded in 1945. But informally, among the staff inside the IMF, these controls became heresy in the 1980s and 1990s, prompting critics to accuse the IMF of indiscriminately encouraging the liberalization of controls and precipitating a wave of financial crises in emerging markets in the late 1990s. In Capital Ideas , Jeffrey Chwieroth explores the inner workings of the IMF to understand how its staff's thinking about capital controls changed so radically. In doing so, he also provides an important case study of how international organizations work and evolve. Jeffrey M. Chwieroth is senior lecturer in the Department of International Relations at the London School of Economics and Political Science. |
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