From 2003: IMF Admits Policies Don’t Work
March 27, 2014
Quietly, the IMF has conceded more than once that the Neoliberalism programs it fervently promotes don’t even work.
I also found this little piece in Lobster 45 for Summer 2003, reporting on a piece in the Independent for the 20th March that year. According to the Indie, the IMF had just published a report concluding that their policies mostly didn’t work. Instead of helping countries with failing economies, the IMF actually made the situation much worse. The article stated
In a paper that will be seized on by IMF critics across the political spectrum, leading officials reveal they can find little evidence of the their own success. Countries that follow IMF suggestions often suffer a ‘collapse in growth rates and significant financial crises’, with open currency markets merely serving to ‘amplify the effects of various shocks.’ Kenneth Rogoff, the IMF chief economist who is one of the report’s authors, called the findings ‘sobering’.
A recent study by the United Nations reported that the 47 poorest countries in the…
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