A Marxist's Standpoint, International Economic Institutions

1753 Words8 Pages
From a Marxist’s standpoint, international economic Institutions have no advantages whatsoever. Chimni argues that the growing international institutions constitute an imperial global state in the making (Chimni, 2004). Chimni explains that creating a global state fulfills the interests of a transnational capitalist class within the international realm at the expense of the social classes in the developing and underdeveloped countries (Chimni, 2004). Chimni criticizes the institutions’ calls for cooperation and interdependence. He argues that institutions affect the sovereignty of states, leaving developing countries unable to control their domestic affairs (Chimni, 2004). He mentions that reforms are essential to face the capitalist dominance of international institutions. He concludes that with the help of a powerful global social movement, change is possible (Chimni, 2004). Neoliberals’ view of the IMF: Susanne Soederberg argues that the driving force behind globalization of the economy has been the actions of states, and not necessarily global economic institutions, such as the International Monetary Funds. Soederberg explains that to overcome systemic crises, states must restructure the configuration of power, material wealth, and ideational practices, as crises do not occur because of the globalised market, but rather within and between states (Soederberg, 2010). Using examples of Mexico and Thailand, Soederberg argues that the global capital cannot be blamed for

More about A Marxist's Standpoint, International Economic Institutions

Get Access