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Ad Americam
|
2010
|
vol. 11
79-90
EN
The paper focuses on the controversial aspects of the policies conducted by the World Bank Group towards the debtor countries, including the neoliberal framework of the so-called Washington Consensus, implemented under the influence of the U.S. and leading Western economies. The author analyzes the historical context of the formation of international financial institutions' recommendations and the neoliberal development model, promoted as a cure to socio-economic fallacies leading to debt crises. Since the 1980s global IFI's have proposed a policy of reduced public expenses, low tariffs, and privatization of state-owned companies in place of high-government spending, protectionism and dirigisme. With the financial crises in the subsequent years, the IFI-promoted agenda became the subject of raising controversies. The main critical orientations in the debate on the Consensus - liberal, social democratic and Marxist - are discussed in reference to ongoing attempts to reform the international financial architecture on the basis of commonly accepted development patterns. Among the particularly significant points of the dispute are 'market fundamentalism' opposed to etatism, as well as the clash between the priority of fast economic growth and a costly social agenda, including goals of poverty reduction, improving access to public services, etc. The presented cases of the International Monetary Fund's questioned response to the Asian financial crisis of 1997-1998, as well as Chavez's Venezuela and chavismo as a regional challenge to the Washington Consensus, reflects the dynamics of the free-market paradigm shifts.
EN
The International Monetary Fund is in the centre of the international financial system. It has a potential to play a key role in the world economy. It is a guarantor of the world financial order and a lender in crisis situations. In the last two decades the world economy has changed and a lot of countries has been faced with the crisis. This situation has showed some shortages in the organization, government and loans programs of the IMF. The aim of this article is to show these shortages, changes and plans for the future.
EN
Ervin Hexner (1893–1968), a native of Liptov, senior lecturer at Comenius University in Bratislava, lawyer and economist, occupies the centre of attention in this text. He applied himself not only in the academic world as an expert on cartels, but also in financial and economic practice, both in Czechoslovakia and at universities in the USA after he emigrated in 1939. He also actively participated in the Bretton Woods Conference, where he still represented Czechoslovakia, and he held important positions in the International Monetary Fund. His extensive publishing activities reacted to economic processes in Slovakia, Czechoslovakia, Europe and the world. He undoubtedly was and still is the most translated and studied economist from Slovakia.
EN
In the article are examined current trends of the world monetary system in the context of the growing impact of globalization as the highest level of internationalization of the international economic relations and are determined the root principles to its reform in connection with the global economic crisis.
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