I became convinced that the advanced industrial countries, through international organizations like the International Monetary Fund (IMF), the World Trade Organization (WTO), and the World Bank, were not only not doing all that they could to help these [developing] countries but were sometimes making their life more difficult. IMF programs had clearly worsened the East Asian crisis, and the "shock therapy" they had pushed in the former Soviet Union and its satellites played an important role in the failure of the transition.

About This Quote

Themes

  • Politics — Governance, civic duty, and the structures of power

More quotes by Joseph E. Stiglitz, Making Globalization Work

Related Quotes