Freitag, 27. Mai 2016

IWF-Mitarbeiter über die wirtschaftsliberalen Konzepte der Vergangenheit

Mein Koautor Prakash Loungani arbeitet weiter an der Neuausrichtung des IWF.

Diesmal in Form eines Beitrags (mit zwei Mitautoren) darüber, dass einige der neoliberalen Positionen/Konzepte, die auch der IWF in der Vergangenheit vertreten hat, die Ungleichheit geförtert und damit die Chancen auf nachhaltiges Wachstum gemindert haben.
"[...] there are aspects of the neoliberal agenda that have not delivered as expected. Our assessment of the agenda is confined to the effects of two policies: removing restrictions on the movement of capital across a country’s borders (so-called capital account liberalization); and fiscal consolidation, sometimes called “austerity,” which is shorthand for policies to reduce fiscal deficits and debt levels. An assessment of these specific policies (rather than the broad neoliberal agenda) reaches three disquieting conclusions:
  • The benefits in terms of increased growth seem fairly difficult to establish when looking at a broad group of countries.­
  • The costs in terms of increased inequality are prominent. Such costs epitomize the trade-off between the growth and equity effects of some aspects of the neoliberal agenda.­
  • Increased inequality in turn hurts the level and sustainability of growth. Even if growth is the sole or main purpose of the neoliberal agenda, advocates of that agenda still need to pay attention to the distributional effects.­
[...] Chile’s experience (the country now eschews capital controls), and that of other countries, suggests that no fixed agenda delivers good outcomes for all countries for all times. Policymakers, and institutions like the IMF that advise them, must be guided not by faith, but by evidence of what has worked."

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