This commentary for the “Political Economy Section COVID-19 Collection’’ discusses ideational continuity and change at the International Monetary Fund (IMF) in the context of the COVID-19 pandemic. It argues that, despite an initial advice to increase the government spending, the Fund has later reverted back to the market orthodoxy recommending fiscal discipline and balanced government budget in the longer-term. The piece argues that, although a global crisis and increased government spending by influential member states such as the United States might have prompted an ideational shift at the Fund, a lack of clear theorization of longer-term Keynesian policies in academic circles and in the economics profession, prevented a paradigmatic change at the Fund.
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May 26 2021
A Keynesian Revolution or Austerity? The IMF and the COVID-19 Crisis
Saliha Metinsoy
1
University of Groningen, Groningen, the Netherlands
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Global Perspectives (2021) 2 (1): 24185.
Article history
Received:
February 01 2021
Accepted:
March 23 2021
Citation
Saliha Metinsoy; A Keynesian Revolution or Austerity? The IMF and the COVID-19 Crisis. Global Perspectives 1 February 2021; 2 (1): 24185. doi: https://doi.org/10.1525/gp.2021.24185
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