Argument: Under representation of emerging economies

Claims that power within the IMF is distributed according to the reality of the members’ weight in the global financial system are inaccurate. The IMF reflects the financial system as it was 50 years ago and has done little to acknowledge the growth of countries like Brazil, Russia, India, and China (BRICs), which have far fewer votes than their economic heft merits, while Western countries like Belgium are actually overrepresented [1] . Significant reforms to the voting quotas need to be implemented in order to create an IMF that is true to the reality of the world financial system.

[1] -- “Wanted: a French Revolution”. The Economist. June 30, 2011. http://www.economist.com/node/18897575

Candidate 1: "The primary function of the IMF has now become that of a lender of last resort [1] . It keeps governments that are on the cusps of a default, solvent. Membership in the IMF is optional, as is borrowing from the fund. Countries only have to do what the IMF tells them when they take its money. Western countries get to have more sway because they bring in the greatest financial contributions to the Fund. It’s not unfair, therefore, for them to be allowed to place conditions on how their money will be used by those who choose to borrow it.

[1] Bihide Amar; Phelps Edmund. “More Harm than Good”. The Daily Beast. July 11, 2011. http://www.thedailybeast.com/newsweek/2011/07/10/amar-bhide-and-edmund-phelps-on-what-s-wrong-with-the-imf.html"
Candidate 2: "One needs to differentiate between mature, developed, but indebted economies like the US, the UK, and developing, cash-rich economies like the BRICs. Their share of the world economy might be increasing, but they would be better served investing their money in infrastructure and development, not in the IMF. Only then they might be on par with the developed nations and comparing quotas might become appropriate."
Candidate 3: "You don’t need to experience food shortages to understand the importance of food. The IMF position, however, is that financial stability is a precursor for long-term growth and prosperity. Therefore, in the short term, balancing budgets might take precedence over any other legitimate concerns countries might have, like subsidising farming to maintain low food prices."
Candidate 4: "That is an argument for reforming the economic foundations and philosophy of the IMF, not necessarily its governance. One cannot simply conflate the leadership of Western nations with neoliberal policies. Keynesianism is also a western economic doctrine. Maybe the IMF should be encouraged to adopt it in some cases."

One needs to differentiate between mature, developed, but indebted economies like the US, the UK, and developing, cash-rich economies like the BRICs. Their share of the world economy might be increasing, but they would be better served investing their money in infrastructure and development, not in the IMF. Only then they might be on par with the developed nations and comparing quotas might become appropriate.
