This book explores the IMF's role within the politics of austerity
by providing a path-breaking comprehensive analysis of how the IMF
approach to fiscal policy has evolved since 2008, and how the IMF
worked to alter advanced economy policy responses to the global
financial crisis (GFC) and the Eurozone crisis. It updates and
refines our understanding of how the IMF seeks to wield ideational
power by analysing the Fund's post-crash their ability to influence
what constitutes legitimate knowledge, and their ability fix
meanings attached to economic policies within the social process of
constructing economic orthodoxy.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 Fund seeks to shape the policy
possibilities of advanced economy policy-makers and account for the
scope and limits of Fund influence. The Fund's reputation as a
technocratic, scientific source of economic policy wisdom is
important to for its intellectual authority. Yet, as this book
demonstrates, the Fund makes normatively driven interventions in
ideologically charged economic policy debates. The analysis reveals
the malleability of conventional wisdoms about economic policy, and
the processes of their social construction.
General
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