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About the IMF Overview

About the IMF Overview | Walkerteach Geo | Scoop.it
Luke Walker's insight:


  “The IMF works to foster global growth and economic stability. It provides policy advice and financing to members in economic difficulties and also works with developing nations to help them achieve macroeconomic stability and reduce poverty.”

Learning what you have about the IMF, how it works, and its role in poor countries like Jamaica; what are your reactions to this mission statement? 

Reflect and explain in a short response (10 sentences min).

1 pt -- Response is given but is confusing or underdeveloped (<10 sentences)

2 pts -- complete response is given but it lacks original or creative contribution to the discussion (i.e. you are mostly repeating what others have said above your post)
3 pts -- response is insightful, shows you really understood and thought about the issue. You contribute an original thought that helps the online discussion develop positively.

Jonathan Lai's comment, March 19, 2013 2:43 AM
The IMF was created to prevent or fix economic issues around the world to avoid another Great Depression like the one that was a big cause of WWII. I believe that if their written goals are not outright lies, then they are only following the word of those claims. If they actually were going to follow both the word and the soul of their claims, conditions in their loans would be somewhere from very little to none. The way it is being done now, countries that loan money, such as Jamaica, only benefit a little. Meanwhile, rich business people mostly from the West gain more money than they already have. Instead of assisting with the poverty countries have, those countries are going even more in debt as being unable to pay back the loans with interest, conditions that hurt their economies, and conditions that hurt their education. While is theory the IMF is an international cooperation, that cooperation's power lies only with a small group. And while the IMF says they promote stability, they do not mention where the economy will stabilize. At this point poor countries are very stably getting poorer and are quite stable in their poverty. And the "balance of payment" is very elaborately balanced towards the other side.
Ben's comment, March 19, 2013 3:59 AM
The IMF's supposedly purpose was to help countries that had economical problems such as Jamaica. As seen in Jamaica, it is really just a trap that helps no one else but the IMF itself. The IMF exploits the countries in need when the countries like Jamaica have no where else to go. The IMF then lends the country money but adding conditions that makes Jamaican and other countries have to compete with the rest of the world or closing down local farms and restaurants. It causes a chain reaction while the poor get poorer, the rich get richer. If the IMF doesn't really help the countries in need of economical help, the IMF should be abolished, for they are just famous frauds that make people believe the IMF can help you even though they just take advantage of you and leave you with less than when you started. They say they develop nations, but if you take a look at Jamaica, you can see that they are really doing the opposite. When they say they are reducing poverty, are they meaning they are increasing it, because they are just making people poorer and poorer. If they really want to help the countries, they should be giving out free money to help the countries in poverty, for they aren't doing what they say they are doing.
Emily Fang's comment, March 19, 2013 5:36 AM
I think the IMF was created purposely to earn money by saying they are helping the poor countries that are in need. They make a loan to a country that is undeveloped and gives so much conditions causing the poor countries unable to rise their economy but the IMF instead of giving them more time, they add interests that are unreasonable for a poor country to be able to pay back. The IMF, in my opinion, is just a corporation that is intended to take away all the money of the poor countries. They protect their name by saying they are to help the poor countries. If the IMF is really there to help the world economy rise, they should take off many of the conditions and decrease the interest rate. They should give the undeveloped countries the time to save their economy before they are asked to pay back the money.
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Gangnam Style: Three Reasons K-Pop Is Taking Over The World : NPR

The viral hit isn't a fluke. South Korea has been cultivating a global music business for decades.

Check out the underlying economics of the success story that is Gangnam Style. Listen and better understand how a Korean phenomena can take off on a global scale. 

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