Punishment

Author: Paul Blustein
Publisher:
Publish Date: 2003-10-01
Features: They are the supreme commanders of the world economy, but it is clearly incorrect to place a savior's halo on their heads. Some believe that the world economy is in the hands of these decision-makers, who calmly launch meticulously designed aid plans and tame the fierce beasts of the global financial market. The truth, however, is that when financial crises surge, the guardians of the world financial order are often flustered and indecisive, making arbitrary decisions and compromising with each other. This book is a work of non-fiction, providing a detailed account of the thrilling financial crisis of the late 1990s, narrating the panic of governments worldwide and the awkward position of the International Monetary Fund (IMF). It is also a play—a grand play of political power struggles among nations—because the formulation and implementation of economic policies are heavily influenced by politics. This financial crisis, in particular, vividly showcases the political struggles between donor and recipient countries. Finally, it is a work of summary and reflection, where the author examines and discusses the economic policies of various countries, with a focus on evaluating the role of the IMF in this crisis, as the organization was originally the protagonist of this grand play.