Beset by endless political and social crisis, market crashes, banking disasters and ultimately a failure to reverse the falling rate of profit, has neoliberalism come to the end of the road? asks Rob Hoveman
In June 2016 the International Monetary Fund (IMF) published a paper from its economics research department entitled ‘Neoliberalism oversold’. The very fact it used the word neoliberal was remarkable enough, for this was a word hitherto only used by neoliberalism’s critics and banned completely by its advocates, of which the IMF had been the leading international proponent. More importantly, the report was a devastating indictment of the neoliberal policies that the IMF had been promoting and imposing on weaker economies for many years.