Let me put it this way: If the IMF did not exist and we set out to create it from scratch, what would be its fundamental role in the global economy? What should an ideal IMF do, and what should it not do?
However, cracks in the facade of government economic management appeared early in the post-World War II years, and those cracks continued to widen as time passed. At the macro level, the system of wage and price controls imposed in the 1970s to deal with the problem of inflation proved unworkable and ineffective.