The International Monetary Fund and its adaptive capacity

Abstract

Since its creation in the end of World War II, the International Monetary Fund has played an important role in the international economy and finance. But it has been the subject of innumerable criticisms that led to a crisis of legitimacy at the end of the 20th century and the beginning of the 21st. These criticisms have been based on two key points: the infeasibility of the neoliberal ideology to alleviate state economic crises, and the lack of representation in the internal organization of the IMF. The purpose of this essay is to argue that the Fund, despite still having problems of legitimacy among states and social movements, has shown itself capable of making changes, both in its demands and in its internal organization, in line with international demands.