Mohan,
Many thanks for your interesting and provocative comments. I will offer, in return, some comments by Crocker Snow, editor-in-chief of The WorldPaper. In it he was discussing the debate over the value of the IMF, and the "growth as progress" paradigm. He said the thought the debate was a proper one, perhaps transcending all others. He noted that the policies and procedures required of developing countries by western money managers were presented as economic absolutes. He posed the question of whether, in the guise of minimizing risk, were the money managers also maximizing western values? Frankly I havent sorted this one out myself. To be sure the IMF's stringent policy requires levels of transparency that did not exist in Asian countries a few years ago, (or even today). One western view is to simply point out that "we paid the band, we will pick the tune". But that is much too simplistic, and quite possibly not even good for us. However, in my mind there is no question that some reform is required. Like all difficult questions the answer probably lies somewhere in-between. Here is hoping that wisdom will guide the powers involved and that humanity will, in the end, benefit and prosper from their respective and mutual deliberation.
Best Wishes for a Happy and Prosperous New Year.
Stitch |
