International Monetary Fund. Communications Department
NEOLIBERALISM IS NOW the go-to moniker for everything that went wrong in the late 20th century and the new millennium. Often a term of abuse, it is a synonym for a crassly materialistic and superficial belief in the inherent superiority of markets. Its standard bearers were British Prime Minister Margaret Thatcher and US President Ronald Reagan.
International Monetary Fund. External Relations Dept.
On October 25, financier and philanthropist George Soros came to the Institute for International Economics in Washington armed with a draft report on globalization and a message: if global markets are to prevail, there must be international institutions capable of sustaining them.
The debate on the merits of globalization continues, with one side arguing that it raises living standards and the other that it worsens poverty and inequality. At a September 22 IMF Book Forum, Martin Wolf, Associate Editor and Chief Economics Commentator at the Financial Times, offered a robust defense of globalization and an upbeat assessment of its prospects. In discussing his new book, Why Globalization Works, he rebutted claims that globalization undermines sovereignty, weakens democracy, intensifies inequality, favors “exploitative” multinational corporations, and devastates the environment.
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