The Financial Times today slammed the IMF’s criticism of neoliberalism as “navel-gazing” that is out-of date and dangerous.
“…neoliberalism has become the catch-all criticism of unthinking radicals who lack the skills of empirical argument,” the Financial Times said in a comment. “The greatest insult of all, however, is that to our intelligence when august international institutions hitch their wagon to these noisy criticisms. This sorry spectacle befell the International Monetary Fund last week when it published an article in its flagship magazine questioning its own neoliberal tendencies and concluding that “instead of delivering growth, some neoliberal policies have increased inequality, in turn jeopardising durable expansion”.
The Financial Times said the IMF’s attack on neoliberalism “gives succour to oppressive regimes around the world which also position themselves as crusaders against neoliberalism, subjugating their populations with inefficient economic policy and extreme inequality using the full power of the state.”
The Financial Times said the persistent decline in productivity growth that threatens to undermine progress for all dd not get a mention in the IMF article.