IMF- International Monetary and Financial committee

Introduction Although, capitalism has only been around for approximately 100 years as an idea, its propagation around the globe has been relatively successful. However, the propagation has had its failures. For instance, the gold standard as a monetary system for world trade had its weaknesses. The gold standard first began to have problems during World War I (1914-1919) when countries tried to expand the money supply without the additional gold that they would need. When the …

…The IMF-U.S. package has been criticized for bailing out South Korean banks and industries indiscriminately. The worst injustices and worst precedents occur when foreign lenders are guaranteed to get all their money back; having made risky investments in search of profits, they should not be immune to losses. Converting all debts into governments liabilities, as some foreign banks have demanded of South Korea in return for lengthening maturities, is another bad precedent. (tnr.com)