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This makes it quite impossible to argue that globalization will increase
efficiency, even given the legitimate claims of absolute advantage. since
the first rule of efficiency (prior to both absolute and comparative
advantage) is simply to count all the costs! The IMF was not chartered as
an institution for promotion of global cost externalization, nor for
undercutting the institutional requirements for traditional free trade. If
we add to these betrayals the already much noted betrayals of fostering
"moral hazard" by bailing out injudicious private investors at public
expense, and their practice of throwing the burden of adjustment on 10
the poor, then the case for abolishing, or completely restructuring, the
IMF becomes quite persuasive.
3
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