[T]here are aspects of the neoliberal agenda that have not delivered as expected . . . : 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 . . . reaches three disquieting conclusions:

• The benefits in terms of increased growth seem fairly difficult to establish . . .

• The costs in terms of increased inequality are prominent . . .

• Increased inequality in turn hurts the level and sustainability of growth . . .

Jonathan D. Ostry, Prakash Loungani, and Davide Furceri: «Neoliberalism: Oversold?», in Finance & Development, vol. 53, n. 2 ; Washington DC : IMF Publication Services, june 2016 (excerpt La Litera información)


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