John Maynard Keynes walked into heaven’s coffee shop where he usually sat down to a cup with his old counterparts, Milton Friedman, Alexander Hamilton, and Karl Marx. This unusual quartet found the virtue of grace in heaven, well, at least enough to stand each other for a half-hour per week. On this special day, God decided to join the bunch as they overlooked Washington, D.C. from heaven’s clouds.
“The state is just the executive committee of the bourgeoisie, and the state has setup this World Bank Group to impose the will of rich capitalist nations on less developed countries. Especially that building over there – the International Finance Corporation – I can’t believe it! The very bourgeoisie I speak of is getting paid by the IFC to go off and exploit workers in less developed nations!” Mr. Marx was obviously outraged over today’s topic, the International Finance Corporation.
“Well you know Karl,” Mr. Friedman interjected, “I’m typically not a big fan of government institutions that interfere with the free market. And although the IFC is a part of the World Bank Group, of which I am also not a fan, I appreciate the IFC’s mission to alleviate poverty and encourage economic development through the private sector. It is just a bank loan for crying out loud…they have to pay it back! You are so skeptical of everything!”
“If I might interpose,” Mr. Keynes said, “I would understand Mr. Hamilton’s position to be one of a nation’s sovereign right to control its boundaries, and in addition, trade is a without a doubt, a win-lose. That being said, as long as the country receiving funds from the IFC is not investing in your country, Mr. Hamilton, you would not be bothered. Is that correct?”
Mr. Hamilton concurred.
“And, me, I was pleased as punch to be present at the Bretton Woods Convention, so you know I support this strong institution lending funds to companies who are investing in less developed countries. Most of the time, these countries may not invest the resources in those countries without the cheap capital lent therein. But to tell you all the truth, I am gobsmacked to learn what you think about the IFC…God?”
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My feelings about the IFC are represented by Mr. Keynes above. I do think the IFC is appropriate, granted, after only three days of studying it. It is a profitable, capitalist institution that will not lend money unless the project satisfies its secondary purpose – alleviating poverty and encouraging economic development.
- What do you think – Is the IFC good for the world?
- Also, could I have described more clearly any of the above world views?
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