This article examines the role of the International Monetary Fund (IMF) in supporting the current hegemonic forces in the global economy. It challenges the current rational choice approach to understanding the Fund in mainstream journals as being too narrow in scope and unambitious in its critique of the Fund. I pose an alternative means of critique that assesses the Fund from a historical materialist perspective and examine the Fund's function in promoting hegemonic norms and co-opting elites in the developing world. This type of critique has been absent in recent scholarship and must be the focus of creating meaningful change within the Fund.