When completing my degree I took an exam in Development Economics. It was one of the most interesting courses I have ever studied. Joseph Stiglitz, one time Chief Economist at the World Bank, Nobel laureate and current chief critic of the World Bank, the IMF and what he calls the 'Washington Consensus'.
Basically his says is that Washington has a preconcieved view of how other countries should develop. Hard to believe isn't it? And his line is that American muscle in the form of the 'world' bank etc has actually crippled a lot of developing countries. He reguarly contrasts Russia (development along IMF route and failing) with China (ignored reccomendations, did it their own way and doing rather well).
Anyway, this is more appropriate to Oh Thee Rusted Satellite than about the music but The Guardian blog has published a new paper by Stiglitz entitled "Development in Defiance of the Washington Consensus". Read it here .