The IMF and the Politics of Austerity in the Wake of the Global Financial Crisis
The IMF and the Politics of Austerity in the Wake of the Global Financial Crisis
Professor of Political Economy
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Abstract
The book provides a path-breaking comprehensive analysis of how the IMF approach to fiscal policy has evolved since 2008, the Fund’s role within the politics of austerity, and how it worked to shape advanced economy policy responses to the global financial crisis (GFC) and the Eurozone crisis. The book aligns with and advances cutting-edge ideational scholarship in international political economy (IPE) and comparative political economy (CPE) to build an innovative theorizing of how ideational change operates in international organizations (IOs). The construction of economic policy knowledge is understood here as a social process, wherein the IMF works to impress its interpretation of sound policy upon member countries through surveillance and other interactions. It updates and refines our understanding of how the IMF seeks to wield ideational power by analysing the Fund’s post-crash ability to influence what constitutes legitimate knowledge, and their ability to fix meanings attached to economic policies. This book is interested in the politics of economic ideas, focused on the assumptive foundations of different approaches to economic policy, and how the interpretive framework through which authoritative voices evaluate economic policy is an important site of power in world politics. After establishing the internal conditions of possibility for new fiscal policy thinking to emerge and prevail, detailed case studies of IMF interactions with the UK and French governments during the Great Recession drill down into how the Fund seeks to shape the policy possibilities of advanced economy policymakers and account for the scope and limits of Fund influence.
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Front Matter
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1
The IMF and the Politics of Austerity in the Wake of the Global Financial Crisis
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2
Ideational Change at the IMF after the Crash
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3
The IMF, Economic Schools of Thought, and Their Normative Underpinnings
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4
Analysing the IMF Surveillance of Advanced Economies: The Social Construction of Fiscal Space
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5
The Fund’s Fiscal Policy Views and the Politics of Austerity
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6
The IMF, the UK Policy Debate, and Debt and Deficit Discourse
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7
The IMF and French Fiscal Rectitude amidst the Eurozone Crisis
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8
Conclusion—IMF Intellectual Authority and the Politics of Economic Ideas after the Crash
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End Matter
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