Asia Economic Crisis. IMF and World Bank. IMF: to rescue during emergency World Bank (International Bank for Reconstruction and Development): to help plan for development
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Article VI section 3: Controls of capital transfers: Members may exercise such controls as are necessary to regulate international capital movements, but no member may exercise these controls in a manner which will restrict payment for current transactions or which will unduly delay transfers of funds in settlement of commitments, …(signed in 1944)
The US, didn’t not remove its most prominent capital controls in 1974.
“I [Stiglitz] believe that there is a simpler set of explanations—the IMF was not participating in a conspiracy, but it was reflecting the interests and ideology of the Western financial community” (GAID, p.130)