The IMF's business model sabotages properly functioning capitalism, victimizing ordinary people while benefiting the elites. Do we need international agencies to enable irresponsible--verging on immoral--borrowing and lending? Instead of dreaming up too-clever-by-half schemes to stumble through crises after they happen, why not just stop imprudent banks from accommodating foreign borrowing by feckless governments?
That is Amar Bhide and Edmund Phelps.
On the one hand, when Bretton Woods collapsed, the IMF's reason for being disappeared. On the other hand, it is an international agency staffed by elite policy experts, so it must be doing good and important work, right?