The Crisis of the Liberal Financial Order, Analysis of Rescuing and Reforming the International System Michael Sakbani

This paper argues that the current credit crisis marks the end of the regime of deregulated finance. It proposes a new regulatory system along the lines proposed by the Bank for International Settlements. The paper highlights the irrelevance of IMF in solving the current credit crisis and argues the need to reconsider the role and philosophy of institutions like IMF and IBRD. It also analyses the US treasury’s rescue plan.

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