Economics Essay

3061 words - 13 pages

Introduction
In this essay we are going to critically analyze the International monetary fund (IMF) from the perspective economic nationalist IPE approach. First of all what is IMF ¬? International monetary fund was founded 60 years ago, after the World War II. The founders meant to construct a structure for economic support and help that can prevent the repetition of the terrible economic policies that led to the Great Depression of the 1930s and the global conflict that followed. Countries were trying to build back their economy after the world war, and needed a neutral international organization to monetary the economy.
The IMF provides a plan guidance and financing to its members who are in economic difficulties and also works with emergent nations to help them reach economic stability and decrease scarcity. IMF policy assumes countries should stick to free trade, but not all countries benefit from free trade .IMF aims to pack up international trade, which is required for stability of goods services in the free trade. A state should have general free trade philosophy. We are also going to discuss how IMF’s decision affects member states that makes decisions who has the most power or most votes.

Background.
The IMF provides a plan guidance and financing to its members who are in economic difficulties and also works with emergent nations to help them reach economic stability and decrease scarcity. IMF policy assumes countries should stick to free trade, but not all countries benefit from free trade .IMF aims to pack up international trade, which is required for stability of goods services in the free trade. A state should have general free trade philosophy.
The IMF three main tasks are to in the international monetary system is that the Fund surveys and monitors economic and financial developments, lends funds to countries with balance-of-payment difficulties, and provides technical assistance and training for countries requesting it.
The IMF presently has a membership of 188 countries. To become a member, a country must apply and then be accepted by a majority of the presented members. Upon joining, each member country of the IMF is assigned a quota, based mostly on its relative size in the world economy. The IMF has their own currency, which is called Special Drawing Rights (SDRs). As member a country you have a quota subscription, which determines the maximum amount of financial resources the country is compelled to provide to the IMF. A country must pay its subscription in full upon joining the IMF: up to 25 % must be paid in the IMF's own currency (SDRs) or commonly accepted currencies (such as the dollar, the euro, the yen, or pound sterling), while the rest is paid in the member's own currency.
http://www.imf.org/external/about/whatwedo.htm

The quota mainly determines a member's voting power in IMF decisions. Each IMF member's votes are consists of fundamental votes plus one extra vote for each SDR 100,000 of...

Find Another Essay On Economics

economics Essay

961 words - 4 pages Mock Economics Gr 11 Summative March 2014 GDP Per Capita (US$) Country Name 1990 1995 2011 Azerbaijan 1237 397 6916 Belarus 1705 1371 5820 Kazakhstan 1647 1288 11357 Kyrgyz Republic 609 364 1075 Russian Federation 3485 2670 13089 China 363 604 5445 North America 24003 26821 48343 Table 1 Source: World BankFast Food Chains in Kazakhstan1. Kazakhstan became an independent country in

Economics Essay

726 words - 3 pages simply using quantitative easing as a maintenance tool. References Quantitative Easing. (n.d.). Investopedia. Retrieved January 20, 2014, from http://www.investopedia.com/terms/q/quantitative-easing.asp Smith, L. (2010, November 5). Quantitative Easing: What's In A Name?. Investopedia. Retrieved January 22, 2014, from http://www.investopedia.com/articles/economics/10/quantitative-easing.asp U.S. Economic Confidence Index (Weekly). (n.d

Economics

671 words - 3 pages The fundamentals of economics start with understanding the theory of supply and demand. In this paper I will attempt to offer a brief description of the laws of supply and demand. I will also identify the factors that lead to the change in supply and demand in the global patterns/ trends of meat consumption. Through information that I have gathered from specific articles on the subject of global meat consumption patterns I will attempt to

Economics

3332 words - 13 pages levels being particularly high across Europe. The focus of this paper is on the longer term macroeconomic implications of much higher public and external debt. The final section, how- ever, summarizes the historical experience of the United States in dealing with private sector * Reinhart: Department of Economics, 4115 Tydings Hall, University of Maryland, College Park, MD 20742 (e-mail: creinhar@umd.edu); Rogoff: Economics Depart- ment, 216

economics

3332 words - 13 pages levels being particularly high across Europe. The focus of this paper is on the longer term macroeconomic implications of much higher public and external debt. The final section, how- ever, summarizes the historical experience of the United States in dealing with private sector * Reinhart: Department of Economics, 4115 Tydings Hall, University of Maryland, College Park, MD 20742 (e-mail: creinhar@umd.edu); Rogoff: Economics Depart- ment, 216

economics

3332 words - 13 pages levels being particularly high across Europe. The focus of this paper is on the longer term macroeconomic implications of much higher public and external debt. The final section, how- ever, summarizes the historical experience of the United States in dealing with private sector * Reinhart: Department of Economics, 4115 Tydings Hall, University of Maryland, College Park, MD 20742 (e-mail: creinhar@umd.edu); Rogoff: Economics Depart- ment, 216

Freaky Economics

1391 words - 6 pages Economics; is an important subject to understand the workings of finances. The common definition of economics is the social science that analyzes the production, distribution and consumption of goods. Freakonomics, the title of this book has the reader wondering what this book is about. From the title and even the cover picture it is clear it is not your average text book on economics. Yet, the authors have collected data and analyzed it to

Keynesian Economics

737 words - 3 pages The U.S. never fully recovered from the Great Depression until the government employed the use of Keynes Economics. John Maynard Keynes was a British economist whose ideas and theories have greatly influenced the practice of modern economics as well as the economic policies of governments worldwide. He believed that in times when the economy slowed down or encountered declines, people would not spend as much money and therefore the economy would

basic economics

601 words - 2 pages . In the description there will be definitions, examples and where its positioned on the PPC. I will be arguing in favor of balanced expenditure.Scarcity:Scarcity in economics refers to limited resources, we need scarcity otherwise we could just go out and produce any amount of any good, this would effect the PPC graph making it have no frontier, with no frontier we would have every single point inside the frontier making it closer to the point of

Health Economics

1776 words - 7 pages Health economics is concerned with the efficient and equitable allocation of resources in the context of scarcity and uncertainty, and is relevant to individuals, practitioners, governments and markets. Changing factors such as an aging population and new technologies becoming available are increasing expectations from people as a whole throughout the world, and decision makers must make rational choices to maximise benefits to population health

Global economics

879 words - 4 pages trade theories, pages 222-233, 266-270,301-306 from 'International Economics' by Dominick Salvatore (softcopy of the book shared)Presentation on economic blocs titled 'Module6_3' (shared with you in class)Module 7: Outsourcing and offshoringPhotocopies of Chapter 16 'Global Sourcing'Flying Geese model lecture note (to be circulated)Module 8: MNCsPresentation on MNCs circulatedFinal reading list GEE, Sem III PGDM General and PGDM Finance, March

Similar Essays

Economics. Essay

1719 words - 7 pages Modern Economics.Modern economics vs. political economy, as it used to be called-dates back to1776. It begins with the American Revolution. A man named Adam Smith, a Scottish philosopher, published a book called Smith's work is considered the first example of modern economics. In some places Smith is most famous for suggesting that business always try to monopolize markets and raise prices. Economists credit Adam Smith theory of the invisible

Economics Essay 986 Words

986 words - 4 pages 1 "The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics."Thomas SowellBackgroundEconomics is the study and understanding of the economy or the system of government and people that deals with money and financial effects. Economists have traditional concerns, which are illustrated above. The concerns of

Economics Essay 1673 Words

1673 words - 7 pages In order to understand how economics really work in today’s age we must think about how those economic ideas, revolutionary theories of many economists, that helped to shape the economic structure as we know it now, through many individuals and school of economic though that has existed through the ages. These schools are “the mercantilists, the physiocrats, the classical economists, Marxian economics, the neoclassical economists and the

Economics Essay 3045 Words

3045 words - 12 pages QUESTIONHow does different economics system contribute towards the welfare and wealth of a country? Describe one economic system of a particular country and compare it with another economic system of another country.EXECUTIVE SUMMARYEconomics is one of the oldest disciplines among the humanities and it is categorized as a social science. Economics analyses the economic activity of people in order to satisfy their needs and desires. Human wants