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Why did socialist governments take out IMF loans in the 1980s? (lemmygrad.ml)

submitted 5 months ago by starkillerfish@lemmygrad.ml to c/history@hexbear.net

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cross-posted from: https://lemmygrad.ml/post/4415605

I noticed that several socialist countries took out loans from the IMF (Yugoslavia, Poland, Romania) even though there was an understanding that the IMF is a predatory organisation. I assume it is connected to the wave of liberalisation in the 1980s, but would be interested in a more concrete breakdown of the logic and context behind it, or articles/links on the topic.

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[–] HamManBad@hexbear.net 23 points 5 months ago

They were advised that it was a good decision. Incidentally, their advisors ended up doing very well during the capitalist counterrevolution

[–] tactical_trans_karen@hexbear.net 13 points 5 months ago

Naivety. They thought they could trust a smooth talking snake.

[–] marxisthayaca@hexbear.net 5 points 5 months ago (1 children)

socialist countries took out loans from the IMF (Yugoslavia, Poland, Romania) even though there was an understanding that the IMF is a predatory organisation.

Was there?

[–] starkillerfish@lemmygrad.ml 3 points 5 months ago

Yes. I would say that in the 1980s there was already an understanding formed about the IMF's role in neo-colonial exploitation and also just considering the fact that the US is its most powerful member.

[–] footfaults@hexbear.net 3 points 5 months ago

I don't have any facts to back this up but I would guess it would have to do with the USSR starting to show cracks and probably cutting their aid to other countries? It's a full decade before they actually collapsed but maybe they were the countries they reduced aid to first