Put People First, not IMF dogma
Boston University Professor Kevin Gallagher has written in the Guardian about the IMF’s crazy pro-cyclical policies, demanding that the countries who apply for assistance cut their public sectors and welfare states in return for bailouts. Yet this is precisely the opposite, as he points out, of what the rich countries which fund the IMF are doing in their own economies, pumping money into public sector expenditure to keep their economies afloat. As he says, if that’s good enough for the developed world, why aren’t poorer countries allowed to do the same.
Sadly, it’s another example of old-think interfering with the radically changed, re-Keynesian approach we need to tackle today’s crisis. The TUC and our partners in the Put People First platform are calling on the IMF to adandon its tired old dogma of conditionality. We are making that point to politicians and civil servants, and on Saturday 28 March we will making those points in public as we March for Jobs, Justice, Climate through Central London.