1

Benjamin Dangl – After Empowering the 1% and Impoverishing Millions, IMF Admits Neoliberalism a Failure

Last week a research wing of the International Monetary Fund came out with a report admitting that neoliberalism has been a failure. The report, entitled, “Neoliberalism: Oversold?” is hopefully a sign of the ideology’s death. They were only about 40 years late. As Naomi Klein tweeted about the report, “So all the billionaires it created are going to give back their money, right?”

Many of the report’s findings which strike to the core of the ideology echo what critics and victims of neoliberalism have been saying for decades.

“Instead of delivering growth,” the report explains that neoliberal policies of austerity and lowered regulation for capital movement have in fact “increased inequality.” This inequality “might itself undercut growth…” As a result, the report states that “policymakers should be more open to redistribution than they are.”

Read More