The Age of Consent by George Monbiot

Author:George Monbiot [George Monbiot ]
Language: eng
Format: epub
ISBN: 9780007379545
Publisher: HarperCollins Publishers

The East Asian countries which survived the crash were those which refused to listen to the IMF. Malaysia did just what the Fund told it not to do: it maintained its controls on the flow of capital. This, Stiglitz remarks, ‘allowed it to recover more quickly’ from the regional recession, ‘with a shallower downturn, and with a far smaller legacy of national debt burdening future growth…Today Malaysia stands in a far better position than those countries that took IMF advice.’67 China too retained its capital controls, and its economy grew by eight per cent per year while most of those in the region contracted. Similar comparisons can be made between Russia, which did as the IMF instructed and collapsed, and Poland, which refused to take the IMF’s advice and prospered.

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