After Empowering the 1% and Impoverishing Millions, IMF Admits Neoliberalism a Failure
June 1, 2016
After Empowering the 1% and Impoverishing Millions, IMF Admits Neoliberalism a Failure
by Benjamin Dangl
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 ideologys 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 reports 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. However, the report leaves out a few notable items on neoliberalisms history and impact.
The IMF suggests neoliberalism has been a failure. But it has worked very well for the global 1%, which was always the IMF and World Banks intent. As Oxfam reported earlier this year, the wealthiest 1% in the world now has as much wealth as the rest of the planets population combined. (Similarly, investigative journalist Dawn Paley has proven in her book Drug War Capitalismthat far from being a failure, the Drug War has been a huge success for Washington and multinational corporations.)
The IMF report cites Chile as a case study for neoliberalism, but never mentions once that the economic vision was applied in the country through the US-backed Augusto Pinochet dictatorship a major omission which was no casual oversight on the part of the researchers. Across Latin America, neoliberalism and state terror typically went hand in hand.
The fearless Argentine journalist Rodolfo Walsh, in a 1977 Open Letter to the Argentine Military Junta, denounced the oppression of that regime, a dictatorship which orchestrated the murder and disappearance of over 30,000 people.
More:
http://www.counterpunch.org/2016/06/01/after-empowering-the-1-and-impoverishing-millions-imf-admits-neoliberalism-a-failure/
bemildred
(90,061 posts)Lodestar
(2,388 posts)The death knell of neoliberalism. It is a criminal ideology and they should be considered/treated as such. But it's still going on, especially
in Latin America. And people everywhere are rising up.
The IMF report cites Chile as a case study for neoliberalism, but never mentions once that the economic vision was applied in the country through the US-backed Augusto Pinochet dictatorship a major omission which was no casual oversight on the part of the researchers. Across Latin America, neoliberalism and state terror typically went hand in hand.
Response to Judi Lynn (Original post)
IDemo This message was self-deleted by its author.
elleng
(130,126 posts)rhett o rick
(55,981 posts)ReRe
(10,597 posts)... now's a fine time to realize this. After the Chicago boys has felled the world. I guess I need to get Naomi's book out and see if I can find a number on the countries they took out with their insane ideology.