The task before Raghuram Rajan

.............To come back to Rajan’s book, at one place he argues: “Organizations like the IMF (International Monetary Fund) recruit students trained in industrial countries, especially the United States. Most of the macroeconomic principles that are taught derive from the experiences of industrial countries, where organized markets typically function fairly well. So it is natural for the staff to favour certain kinds of intervention in the functioning of markets, such as monetary policy, while being critical of other kinds of intervention, such as those in the foreign exchange market.”...........

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