The IMF and Social Justice

Is the IMF against social justice? This is a question that is not easy to avoid, whenever matters to do with global finance are discussed. And it is not hard to see where this question comes from. For everywhere IMF goes, suffering seems to follow shortly thereafter. IMF, the lender of last resort for nations that have mismanaged their finances, tends to impose strict fiscal requirements, before advancing help. In most cases, the IMF will tell a nation to minimize expenditure on social programs. In other cases, the IMF will tell a nation to liberalize its economy and open its markets fully. There are even cases where the IMF will demand that some government employees be sacked, before it can give help! All these adjustments tend to be to the detriment of the most vulnerable members of society. Hence the question as to whether the IMF is deliberately (and maliciously) against social justice.

Yet in some places, the programs enforced by IMF end up (inadvertently or otherwise) enhancing social justice. Take, for instance, situations where the IMF forces nations to liberalize their economies. In the end, we usually get a scenario where all people who want to do business are granted licenses to do so. And in the process, folks who lack political connections – and who would otherwise have found it impossible to obtain business licenses – are able to do so.

Still, it is very hard for a person in a developed nation to fully grasp the impact that IMF programs tend to have on poor nations. Take, for instance, someone in the USA who works for an agency like, say, the US Postal Service. Such a person knows that he only has to go to the lite blue usps employee login page, sign in, and find a paycheck waiting for him. And he is assured of always finding a work schedule at the USPS workers portal (www.liteblue.USPS.gov). It is, understandably, hard for such a person to imagine a situation where someone else actually has to lose their job due to IMF recommendations.

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