Question

Do you feel that the IMF, World Bank, and WTO continue to be engines of neoliberalism (be that good or bad), or do you feel they have the potential, or are under threat, of being reformed?

Answer 1

These institutions were created to promote and sustain globalization for well being and growth of people across the world. These institutions seek to increase international trade, reduce the financial instability and deal with crisis effectively and appropriately. these institutions have achieved milestones in their journey but now their very existences are being challenged by other institutions. Following are few points that need to consider before jumping to conclusion:

• Anti globalisation campaign is being spearheaded by developed countries such as US and UK. Trump government has made several policy initiatives that are anti-globalisation.
• China is also posing problem to these institutions, AIIB by china is threat to IMF and WB. China is offering loans with less restrictions and regulations, many developing countries are looking at china to meet their international reserve requirements.

Thus, these international institutions are being challenged by china and other developing countries. These institutions need to adopt the democratic practices to make them more relevant and inclusive.