ABSTRACT
The purpose of this chapter is to critically evaluate the role and functioning of the International Monetary Fund (IMF) in the light of its changing organisational dynamics and the real-world operation of financial crises. The chapter commences with an examination of the purpose and role of the IMF set in an historical context. Then we look at the IMF in action during the recent financial crises in Mexico, Asia and Russia. Finally, we examine the relevance of the IMF for the future operation of capitalism. We conclude that the institutional dynamics needed in the future will centre on a global central bank, plus the critical role of monitoring and supervision, cooperation with nations and institutions, policies which negate rigid blueprints, and technical and financial assistance to nations.
