I feel the Western world is not in a position to judge China in this while the IMF is preventing third world countries from developing through its policies in much the same way.
Read also this: http://www.globalissues.org/article/3/structural-adjustment-...
The alternative to taking an IMF loan is so bad (collapse of country) that they take it. It isn’t the IMF’s fault, it’s what happens when those in power loot their country via corruption, huge bloated public sectors, unsustainable pensions, crony capitalism, etc.
Did Argentina get trapped in debt with IMF because a meteor hit Buenos Aires?
Did a tsunami hit Athens?
These countries burned through their reserves with no responsibility at all, reserves which were hard earned money from the population, and people demonize the IMF alone?
This does not mean that the countries themselves should bear no responsibility and few are making that claim.
More favorable terms would also certainly help, so would actually listening to the local populace, instead of handing money to a corrupt central government. Corruption itself mostly stems from lack of sufficient resources and progression for everybody, which is not helped by pouring more money into the very machine powering it. NGOs can also be incredibly corrupt and wasteful, see Haiti.
Instead of sending in money, fund concrete projects to build infrastructure and provide good paying jobs by having locals build it. Work with local communities to set up small businesses and help them set up networks to export their goods etc.
There's plenty of failures to study from and some successes that need to be expanded. The big problems with such projects tends to be that even when the "grand goal" is good, if you will, locals are not consulted, farmers are displaced etc. which only breeds hatred towards the people telling themselves they're helping.
Stop being arrogant and thinking that we "know better" than the people who actually live in the area. Might be a good starting point.
What is the right's solution? Repeat what was done till now and expect a different result, do not participate at all...?
I believe this is the problem - the locals that have ran their country into the ground have proven that they do not how to manage their own country. This is why the market, which expects to be paid back, will no longer fund their mismanagement.
You have an extremely warped view of foreign countries that are forced to take loans from the IMF - these countries have economies that are collapsing.
The locals did not yet have much of a chance to actually run their own country, without facing coups, sanctions etc. from former colonial masters the moment they actually try to act sovereign. Having some dictator approved by France/U.S. running things is not my definition of locals running things.
> You have an extremely warped view of foreign countries
Take this advice yourself. The U.S. supports 75% of the world's dictatorships. If you believe that being exploited for centuries and then being forced down various neoliberal/'free market' policies down their throats by their former colonial masters after supposedly gaining independence, while the west props up some absolutely corrupt fu*k just so they can continue exploiting, then sending clothes in to feel better, without actually developing the local economy, if you think these things are not going on you're seriously delusional.
Read up on the history of Haiti. Then come back and we may have a real discussion.
Nobody demonizes the IMF alone, there's plenty of internal criticism inside the countries "helped" by the IMF.
I blame the IMF beacuse its austerity numbers were based on a non peer reviewed paper with arthritic errors that simply said what they wanted to hear. That bullshit put the nail in the coffins of several countries.
I said I read articles this year that claimed this was happening. It appears to be true.
If you have articles about the IMF, I would love to read them. More transparency and a better understanding of how the world works is always welcome.