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Sanjay Sharma

Ex Director, Maastricht University India Institute, Maastricht University

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High time that IMF be headed by a candidate from emerging economies?

Traditionally IMF head has been a European. Now could be a good time to democratize this international institution and make it relevant in the changed/changing economic environment in which the pivot of global finance and economy is shifting towards newly emerging economies.

Topics: Democratization Develoment Emerging Economies Global Finance IMF Institutional Reform
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    Jáfia Câmara 50+

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    May 15 2011: Sanjay,

    I agree. I don't see it happening anytime soon though. First world countries will make the ''emerging countries'' remain as ''emerging'' for as long as they can get away with. Hope I'm wrong.

    • Sanjay Sharma

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      May 15 2011: Jafia,

      I think we are witnessing a fundamental change in the global setup, thus it may just be a matter of time. So be ready for surprises in the time to come :)
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        Lindsay Newland Bowker 50+

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        May 17 2011: Yes, but Sanjay, do you believe it is possible this de facto World Government ( The IMF and all the others, UN. World Bank, Nato etc.etc) will actually democratize and become truly inclusive or do you think it more likely that the emerging economic and therefore political power of asian, african and arabic nations will result in the creation of opposing entities? I believe the latter. I belive the UN, IMF,World Bank etc. are so entreneched in their own present power structure and the vested interests that support that that they will not see the light and democratize in time. I believe that very very soon..the price of oil will no longer be $us. I believe these nations will form theieown currency under a strong central bank that will dominate the $US and $EU. I see a major face off, politically, economically and sadly militarily between the US/EU and the rest of the wolrd in which the US EU will be the losers. ( Of course that is mostly intuitive on my part..I have no expertise in global economics, global politics..but everything I read in my search to understand the place of oil in the plutonomy leads back to to the very real possibility that there will be a policitcal and economic face off long before there is a true democratization of these instiutions or a true changee in EU and US policy. If the democratization you are advocating at the IMF does not ocurr there and at all these other "shadow global governments" there will be a strong coalition of Eastern . middle eastern, and african nations ( I would put Russia on the other side too)...a world wide face off between East & West.

        • Sanjay Sharma

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          May 23 2011: Hi Lindsay,

          Might sound a wishful thinking but it's not. I am positive it will change. Put it differently, there is only one way out and that is change :)

          Simple reason is: time changes, situation changes, people change and thus all man-made creations need a reshaping suiting to the times OR ELSE they run a high risk of being de facto defunct. Good examples: League of Nations, G7, G8, recent debates on the reform of most of these outdated structures etc....If this were not the case, we would not have the UN instead of League of Nations, and G20 instead of G8. If you look at the definition of G8, you can see it is not what it used to be - neither the richest, not the most powerful not a proportionate representation of larger mass on the planet - all that not anymore. Same goes for the veto powers in the security council in the UN. Another one, people are already mulling over the pros and cons of an Asian Economic Union.

          Human mind is by nature programed to be biased . It likes to see what it wants. But as life tells us, reality does not evolve around one's desires. So it is always confrontational for one or the other parties.

          Very interesting phase we are living in :) Many interesting stories to unfold in the coming times.....
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      Debra Smith 200+

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      May 16 2011: Jafia , I earnestly hope that you are wrong about the desire to suppress others too. If the so called first world has any brains it will recognize that it is time for leadership to change hands or at least be more widely shared. I think the BRICK (Brazil, Russia, India, China and Korea) countries have a good amount of leverage to push forward their agendas- and unlike the past a strong will to use it. I am encouraged that the G20 arose from the G8 and I read that in recent conferences China in particular has insisted on a fair hearing.

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