International Monetary Fund For The United States Essay

International Monetary Fund For The United States Essay

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Jamaica is home of the phrase “be happy, don’t worry,” and is a popular tourist spot that foreigners escape to for a temporary slice of paradise. Given the success of the tourist industry, it is easy to mistake Jamaica as a thriving country with the locals living blissfully in paradise; the clip from “Life and Debt” completely dispels these notions and introduces the negative effects that have developed from free trade policies that were recommended by the International Monetary Fund. International Monetary Fund representatives in the clip present globalization and free trade as a form of economic liberation that would bring Jamaica economic success despite its small size. An IMF representative in the clip states that, “Jamaica is a very small country. It’s not a country which could sort of thrive by producing only for itself.” Reduction of trade barriers was recommended with, supposedly, Jamaica’s best interests at heart and to create a sustainable economy for its citizens, but the effects of free trade in Jamaica appear to have only benefited foreign countries.
What is the least convincing about IMF’s recommendation for Jamaica to reduce its trade barriers is that it was done solely to boost its economy and was motivated by the urge to transform Jamaica into an economically sustainable country. The IMF representative in the clip claims that, “They needed to expand their exports and diminish their imports and the best way of doing that is to make foreign currency more expensive.” Whether done intentionally or not, the only economies that seemed to have prospered from this new relationship and reduced trade barriers are those countries that are already economically sufficient. Judging from the negative effects that befell Jamaic...


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...ourishing economies. A trial period should be implemented to safeguard smaller countries from possible negative, lasting effects of being embedded in the new world order. After a specified amount of time, if the goals IMF outlined for a country are not being met and its citizens are not better off economically, then the country should be re-evaluated to understand where the shortfalls took place. Developing countries should also be gradually be introduced into the new world order and trade barriers slowly reduced instead of being thrown into economic liberation without the support of its government or safety nets. By gradually introducing a country to economic liberation, whether or not a developing country would be sustainable in this type of marketplace would be easier to determine and economic calamities like those that were experienced in Jamaica can be avoided.

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