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Neoliberalism: Oversold?

Ostry, Jonathan D., Loungani, Prakash, Furceri, Davide, (2016), “Neoliberalism: Oversold?”, IMF Finance and Development, Volume 53 Number 2, Iούνιος

Milton Friedman in 1982 hailed Chile as an “economic miracle.” Nearly a decade earlier, Chile had turned to policies that have since been widely emulated across the globe. Th e neoliberal agenda—a label used more by critics than by the architects of the policies— rests on two main planks. Th e fi rst is increased competition—achieved through deregulation and the opening up of domestic markets, including fi nancial markets, to foreign competition. Th e second is a smaller role for the state, achieved through privatization and limits on the ability of governments to run fi scal defi cits and accumulate debt.

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