Carol Welch

Since the late 1970s the U.S. has been a principal force in imposing structural adjustment programs (SAPs) on the governments of the global South.

For a number of reasons, the IMF is facing an identity crisis.

The Bretton Woods Institutions (BWIs)—the World Bank and the International Monetary Fund (IMF)—have come under increased scrutiny and criticism over the past several years.

The U.S. has a long history, spanning both Republican and Democratic administrations, of advocating openness and accountability at the IFIs.

The IMF was created as the “guardian” of the global economy, promoting unimpeded trade and ensuring that national exchange rates would stay within set values.

Throughout the 1980s and 1990s the U.S. has been a principal force in imposing Structural Adjustment Programs (SAPs) on most countries of the South.