Since the advent of the Asian financial crisis of the late 1990s, a debate has ensued on whether the International Monetary Fund (IMF) should be reformed, abolished, or left as is because it is performing a good and useful job. In this paper, it is argued that the IMF should be abolished because its work, particularly in developing countries, has been useless at best and harmful at worst. Several reasons, as well as examples of how IMF operations have been detrimental to the welfare of people living in countries that the IMF is supposed to help, are presented to support this proposition.
Lessons for Other Developing Countries from Recent Asian Financial Crisis