A few days ago, the IMF called on China to halve its industrial subsidies. Yet the organisation had no issue when the US passed one of the largest industrial policy bills in human history — the CHIPS and Science Act.
https://x.com/haugejostein/status/2025163606505988106
A few days ago, the IMF called on China to halve its industrial subsidies.
Yet the organisation had no issue when the US passed one of the largest industrial policy bills in human history — the CHIPS and Science Act.
The double standards are clear as day.
But we shouldn’t be surprised. The IMF was designed to entrench Western dominance.
There has long been an understanding that Europe selects the head of the IMF, while the US selects the president of the World Bank.
The US also holds effective veto power over all major IMF decisions and, together with the rest of the G7 and the EU, controls well over half of the IMF’s voting power.
To give an illustration: for every vote a person in the US has at the IMF, a person in Kenya has 1/20th of a vote, and a person in India has 1/25th.
Western dominance has been normalised within institutions that claim to govern the global economy.
posted by Satish Sharma at
02:58
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