The Role of IMF in the International and National Political Economy of Nigeria and Cameroon
The financial system in the international scale has been very impressive in the struggle to develop the economy of the world. With the integration of the economy of the world through Foreign Direct Investment (FDI) to interfere in the activities of an economy has been imperative among others (Havnewk, 1997). Overtime the idea that richer countries taking series of initiatives that will enhance poorer ones in order for them to grow necessitated the creation of the International Financial Systems (Havnewk, 1997). Although the economies within some of the region started to grow by themselves in order to protect their strength and economy of their state.
IMF is one of the International Financial Institutions that were created by the decision of the United Nations held in Bretton Woods New Hampshire, United States (Havnewk, 1997). The IMF was formed for the promotion of international monetary corporation through an institution that provides the mechanism for collaboration and consultation on the problem arising in the international monetary system. It is also created for the facilitation of expand and balanced growth of trade amongst countries and to contribute to maintenance and promotion of high level of real income, employment and the development of productive resources of all its members as the major objective of the its economic policy (Havnewk, 1997). Finally, the IMF gives good confidence to it members by making the general resources of the institution to be available temporarily to the countries that are on adequate level of safeguards which gives them the opportunity to make corrections on mal-adjustments that occurs in their balance o...
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...d from African Liberty: http://www.africanliberty.org/content/cameroon-and-imf-loans-defeating-purpose-development-chofor-che
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Engdahl, W. (2012, January 27 ). Nigeria: Thrown into Chaos and a State of Civil War: The Role of the IMF. Retrieved from Global Research: http://www.globalresearch.ca/nigeria-thrown-into-chaos-and-a-state-of-civil-war-the-role-of-the-imf
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Tande, D. (2008, March 19). Who's In Charge of Cameroon: The IMF or the Biya Regime? Retrieved from Scribbles: http://www.dibussi.com/2008/03/whos-in-charge.html#sthash.g2tn0uMA.dpuf
The impact of the Structural Adjustment Programs imposed by International Financial Intuitions (IFIs) such as the World Bank and the International Monetary Fund on the developing countries of Africa has led to the destruction of Africa’s social sectors and has handicapped Africa in its fight with poverty, the AIDS pandemic, and keeping children in school.
"The Scramble for Africa." The Economist. The Economist Newspaper, 25 Dec. 1999. Web. 22 Apr. 2014.
Priscilla. “The World Economy and Africa.” JSpivey – Home – Wikispaces. 2010. 29 January 2010. .
It is thought-provoking, in the sense that Africa’s need for foreign created a race to the bottom, much like what Pietra Rivoli described in The Travels of a T-Shirt in the Global Economy. Due to some African states’ reliance on foreign aid in order to mine and profit on their resources, they allow business standards to be lowered and for Chinese firms to tip the contracts moresoever in the favor of Chinese firms. This lowers the potential earnings of African states by lowering royalty rates, for example. Additionally, Burgis’ research was thorough and transparent. When he did not receive a response or if his questions were dodged, he made it obvious to the readers. Sure, some could view this book as too anecdotal to be used as a credible source of Africa’s situation. However, this is due to the nature of the system Burgis is writing about; after all, they are shadow states for a reason. Some readers will be saddened by this text, others angry, most curious to learn more, but above all, everyone will be intellectually stimulated and
Massachusetts Institute of Technology. (2000). The IMF and the World Bank: puppets of the neoliberalism onslaught. Retrieved April 05, 2014, from MIT website: http://www.mit.edu/~thistle/v13/2/imf.html
The "DBQ Project" What Is the Driving Force Behind European Imperialism in Africa? (2012): 257. pp. 177-177. Print.
We are now a decade on from the August 2003 Accra Peace agreement which drew a line under 14 years of civil war and the oppressive dictatorship of Charles Taylor. The peace agreement bought a renewed chance of peace and stability after the atrocities that had been committed across the country. A post-war transitional government was established consisting of 76 members: 12 each from the three warring parties; Government of the Republic of Liberia, the Liberians United for Reconciliation and Democracy (LURD) and the Movement for Democracy in Liberia (MODEL). Other members from the remaining 18 political parties; seven from civil society and s...
In this age of change, the international financial is progressing promptly on various fronts, such as the International Monetary Fund (IMF) play a pivotal role in international financial system. Yet at the same time, many criticisms point out that IMF are not efficient enough to react to settle the problems that have accompanied with this trend. This issue has drawn widespread attention in recent decades. This essay will give an overview about what the IMF it is first, and then put forward by some examples that what kind of role the IMF has done to address financial issues, good or bad. Finally, this essay will propose some solutions about the IMF how could it be more useful to solve the financial crisis.
The Web. November 22, 2010 http://web.ebscohost.com>. Hargreaves, John. The. “The Scramble for Africa.”
Fonchingong, Tangie Nsoh, and John Bobuin. Gemandze. Cameroon: The Stakes and Challenges of Governance and Development. Mankon, Bamenda: Langaa RPCIG, 2009. Print.
Africa has long been a nation of conflict and strife. Certain countries such as the Democratic Republic of Congo (DRC) have a prolonged history of corrupt leaders, violence and lack of resources. These conflicts often can lead to spill over and create wars in their neighboring countries. When a weak state has internal conflict it often spreads to surrounding weak states as it did with many of the countries in central Africa. This type of crisis will often involve the entire world in a variety of capacities such as militaries, foreign aid and the global economy. Congo especially has proved to create problems that continue to persist in the modern world and much of that is due to leadership of Motubu Sese Seko. “The conflict [in Congo] produced tremendous carnage: as many as 3.8 million dead and many more injured or displaced. Both phrases of the war (1996-97 and 1998-2002) involved domestic militias, a massive foreign invasion, and shifting alliances – with Angola, Rwanda, Uganda and Zimbabwe playing major roles. Even though the was has officially ended, peace remains elusive”(Atzili 2007 pg 141). One player’s internal conflicts spread through an entire continent and affected the whole world and caused enormous damage. All countries need to strive to maintain strong institutions to be a good global citizen and one of the keys to this is leadership.
Joseph Stiglit’s focused on criticizing the International Monetary Fund (IMF) and how globalization makes the rich countries richer and the poor countries poorer. At first, I thought that the book was too technical for a beginner on the subject to understand, but he was able explain well the contents of this book. This book is very informational for people, who are into globalization and economic development. His sharp critiques on globalizations, particularly on the International Monetary Fund (IMF), that was based on his own experiences. In this book, he emphasized the effect of globalization on the Least Developed Countries as well as on the Developed Countries. I chose On Globalization and its Discontent because aside from the striking title of the book, it also the sincere opinions of Joseph Stiglitz. Also, I chose this book aside from it being required, I figured out that this book will be of good help for me in the near future – if I want to pursue this track – with all the information that were given by Stiglitz.
How Europe Underdeveloped Africa by Walter Rodney, was one of the most controversial books in the world at the time of its release. The book seeks to argue that European exploitation and involvement in Africa throughout history. This is the cause of current African underdevelopment, and the true path to the development is for Africa to completely sever her ties with the international capitalist economy. Rodney describes his goal in writing the book in the preface: “this book derives from a concern with the contemporary African situation. It delves into the past only because otherwise it would be impossible to understand how the present came into being and what the trends are for the near future” (vii). Rodney writes from a distinctly Marxist perspective by arguing that the inequalities inherent in European capitalism and required exploitation of certain countries in order to sustain capitalism.
...tries. These ideas were discussed in lecture on February 16th, 2011, as well as explored in Manfred B. Steger's, Globalization: A Very Short Introduction, and I.B. Logan and Kidane Mengisteab's article, "IMF – World Bank Adjustment and Structural Transformation in Sub-Saharan Africa." Instead of globalization as a positive system for SSA, it did the opposite, and made the region stagnant in economic terms. It was about expanding relationships among countries, but adjustments were creating barriers that prevented SSA from economic communications with other countries. Therefore, it contributed to colonialism after World War II; colonial powers were able to indirectly control what SSA could do, and whom they were able to contact. The World Bank as a financial institution affected SSA's economic industry, and was partly responsible for the control colonial powers had.
Banks sector is playing an important role in economies. The banking industry, as the classic and the most influential of financial intermediaries, facilitates economic operations. Financial sector in the worldwide country has been changes over these years by looking the changes of financial structure environment and economic conditions. Thus, banks are a very important point to financial system and play an important role as control and contribute growth to the economic sector.