I became convinced that the advanced industrial countries, through international organizations like the International Monetary Fund {IMF}, the World Trade Organization {WTO}, and the World Bank, were not only not doing all that they could to help these {developing} countries but were sometimes making their life more difficult. IMF programs had clearly worsened the East Asian crisis, and the "shock therapy" they had pushed in the former Soviet Union and its satellites played an important role in the failure of the transition.
In his book "Making Globalization Work," Joseph E. Stiglitz expresses a strong critique of the advanced industrial nations and their international organizations, such as the IMF, WTO, and World Bank. He argues that these institutions are not only failing to assist developing countries effectively, but in many instances, their interventions have exacerbated existing challenges, particularly in times of crisis.
Stiglitz highlights specific examples, citing how IMF programs contributed to the worsening of the East Asian crisis and how "shock therapy" policies implemented in the former Soviet Union hindered the transition to a market economy. His insights suggest a need for reevaluation of the strategies employed by these organizations to support developing nations more effectively.