Among the reasons for the increased attention are the recent multibillion dollar loans to Thailand, Indonesia, South Korea, and Russia. The book is divided into six parts. Part 2 looks at the effectiveness of its lending programs, while part 3 examines the role of conditionality, the often austere terms and conditions imposed by the IMF on loan recipients. Part 4 examines the pros and cons of recent IMF loans to Mexico, East Asia, and Russia and looks at the global implications. Part 5 explores the extent to which lending decisions are, or should be, influenced by considerations of human rights, government corruption, and geopolitics and international security.
Experts address both sides of the question.
Among the contributors are Doug Bandow, Robert Barro, Sebastian Edwards, Stanley Fischer, Milton Friedman, James Glassman, Jim Hoagland, Jack Kemp, Paul Krugman, Lawrence McQuillan, George Melloan, Peter Passell, David Rockefeller, Jeffrey Sachs, David Sanger, Anna Schwartz, Judy Shelton, George Shultz, William Simon, Lawrence Summers, Walter Wriston, and Leland Yeager. Lawrence J. McQuillan is a Hoover research fellow and was the contributing editor and publisher of Economic Issues from 1993 to 1997. Peter C. Montgomery is a Hoover public affairs fellow and was the chief of staff for a member of the California legislature from 1993 to 1997. New democracies around the world are finding themselves haunted by old demons such as corruption, arbitrariness, and the abuse of power leading to a growing awareness that, in addition to elections, democracy requires checks and balances. Democratic governments must be accountable to the electorate, but it is not enough that citizens control the state the state must control itself.