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Showing posts from February 16, 2017

POPULIST NATIONALISM FORCES THE IMF TO CHANGE ITS TUNE

The sudden rise of the latest expressions of populist nationalism has triggered panic in both democratic and wholly capitalist organizations worldwide. It is a phenomenon that traditional pundits failed entirely to foresee but that erudite democrats from Noam Chomsky and Joseph Stiglitz on the left to Robert Kagan and George Will on the right have been warning about for some time now. But as that phenomenon has burgeoned over the past few years, taking strong root in both Western Europe and the United States, first think-tanks and then major multilateral organizations have had to start accepting it as real and as a clear and present danger, not only to capitalist democracy as a systemic Western framework, but also to liberal economics as the world has known it up to the present. Lagarde One such organization is the International Monetary Fund (IMF), in this case an institution about which one might add, “Better late than never.” In all fairness, ever since the worldwide crisis