With central bank governors, finance ministers, private sector participants, and civil society organizations from around the world gathering in Washington this week for a meeting hosted by the World Bank and International Monetary Fund (IMF), these organizations have become central to the international financial system. However, their approach may not be suitable for all nations, as they were originally designed to promote economic integration after World War II.
The World Bank and IMF aim to involve all nations in their activities, but this may not be feasible for non-market economies like China. Adjunct fellow Dan Katz of the Manhattan Institute and senior advisor D.J. Nordquist at the Center for Strategic and International Studies share their views on this matter. They believe that these institutions were not created with the interests of all nations in mind, especially those with non-market economies.
