In response to Ellis Thorpe (Letters, 20 July), the IMF’s very existence is anti-free market in nature since it is funded by tax and exists to reward the failure of governments the world over to live within their means.
A Keynesian balance between the market and the state is one where the market is nominally in private hands but fully under state control. Such a policy is, in fact, a form of socialism and does not lead to economic growth and full employment.
According to rational ethics and economics, the IMF simply should not exist. The fact that it does is a damning indictment of the current state of world ethics and economics.