Encyclopedia entry
International Monetary Fund
The Wiley Blackwell encylopedia of sociology
27 Nov 2023
Abstract
The International Monetary Fund (IMF) is a multilateral financial organization that provides short-term lending to governments, promotes free trade and fiscal austerity policies, and collects financial data on the world economy. Its 190 member states agree to follow fiscal and monetary policies conducive to international financial stability and to allow IMF supervision of their national policy regimes. IMF membership is a precondition for membership in its sister organization, the World Bank, the world's leading source of development funding, and IMF loans typically open access to bilateral and commercial loans. The IMF thus serves as gatekeeper to the international financial system. IMF loans typically carry policy conditions such as reductions in government spending, lower trade barriers, elimination of subsidies, and higher interest rates. Critics have charged that these policies hurt the poor, precipitate financial crises, and protect the interests of western financial institutions at the expense of impoverished nations.
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Details
- Title
- International Monetary Fund
- Creators
- Kristy Kelly - Drexel UniversitySusan Hagood Lee - Boston University
- Contributors
- George Ritzer (Editor)Chris Rojek (Editor)J Michael Ryan (Editor)
- Publication Details
- The Wiley Blackwell encylopedia of sociology
- Publisher
- Wiley; Hoboken, NJ, USA
- Edition
- 2nd
- Resource Type
- Encyclopedia entry
- Language
- English
- Academic Unit
- Global Studies and Modern Languages; School of Education
- Other Identifier
- 991021985160104721