There are three main theories and worldviews involved in analyzing the global political economy. The first of these worldviews is liberalism. Under liberalism, individual corporations are regarded as the basic units of analysis. Moreover, the market is superior to the state, and the government plays a minimal role in the economy. The theory was developed by Adam Smith and David Ricardo, economists by their own rights. Later, it was modified by Raymond Vernon and turned into the Sovereignty-at-Bay theory. The second theory is economic nationalism. It is the worldview that takes the state as its basic unit of analysis. In this theory, the state is superior to the market. In addition, the government, through its various agencies, plays a significant role in the economy. The government regulates prices, production and such other issues related to the economy. The theory was originally developed by Hamilton and List. It was later modified by Kindleberger. The third form of worldview is structuralism theory. In this theory, class is taken as the basic unit of analysis. Under structuralism, the dominant class in the society wields significant control over the market and the state. For example, the dominant class controls the means of production, as well as the government. The current paper is written against this background. In the paper, the author examines how the International Monetary Fund (herein referred to as the IMF) has used liberalism to control developing nations in Latin America and Asia. The International Monetary Fund has a long history in the global economy. The organization was created on December 27 th , 1945. The initial membership of the organization was 45 nations. The brains behind the creation of the organization were motivated by several objectives. One of the major objectives of the IMF was to stabilize exchange rates in the global market. The organization was also aimed at regulating and stabilizing the international payment system after the Second World War. Member countries contribute money to the organization. Nations facing various financial challenges borrow from these funds and repay their loans with interest. Another role of the IMF is to provide guidance to member states on how to grow their economies and formulate sound economic policies. As of today, the organization has 188 members drawn from all continents in the world. Many countries, especially those with transitional and developing economies, have encountered various challenges emanating from budget deficits. An example of how the IMF relates with its member nations is illustrated by the agreement that the organization made with Brazil in late 1990s. Around this time, the country was going through a crisis related to its Balance of Payments (herein referred to as BOP). The organization and the government agreed that after receiving financial assistance, the Central Bank will make sure that interest rates in the country remain high. The demand was just one of the conditions put in place by the IMF. According to the IMF, the conditions were put in place for two main reasons. The first justification given by the organization for the conditions was to keep investors in the coun