In 1944, representatives of the Allied nations met at Bretton Woods to develop plans for a post-war economic world order. Rules for the regulation of currency exchange & trade were developed, and institutions such as the IMF and the World Bank were created to oversee national lending and development projects. Guided by New Deal economists like Harry Dexter White and John Maynard Keynes, the hope was that this framework could could ensure a stable international order that would prevent another world war or a resurgence of fascism.
In reality, the past half-century has been marked not by a (relatively) benign global Keynesianism, but by the adoption of neoliberal policies and subsequent explosion of unchecked capitalism. And at the heart of these policies? The very institutions designed to usher in a more peaceful world.
Our guest, Michael Fellman, joins us today to discuss the history of one of these institutions—the IMF; its disastrous policies, and what a different policy agenda could accomplish.
Mike Fellman is an economist and financial sector expert. He has worked at the International Monetary Fund and the Federal Home Loan Mortgage Corporation. (Freddie Mac) He holds a master's degree in economics from the University of Maryland. He can be reached on social media via @MikeFellman.
History of the IMF with Michael Fellman