Even the IMF came to doubt the economic efficacy of austerity programs

Evidence

Several years later, moreover, it remains unclear whether their strictly “economic” effects were positive—the IMF itself would slowly come to doubt the recipes. In 2020, during the first wave of COVID-19, the population of the North of Italy would traumatically experience the cruel effects of liberalization, as the bodies piled up in the corridors of overcrowded hospitals. — Arthur Borriello and Anton Jäger, The Populist Moment, 112

Categorization

• XREF: The IMF’s internal doubts about austerity echo its own mea culpas on capital-account liberalization and structural adjustment, a recurring theme in critical political-economy reading. — connects to: Austerity theory only holds in a special case unlike actual economies — Mark Blyth, Austerity: The History of a Dangerous…, 480; Austerity persists as an ideology that resists empirical refutation — Mark Blyth, Austerity: The History of a Dangerous…, 613; Austerity policy triumphed despite its authors conceding weak empirical evidence — Mark Blyth, Austerity: The History of a Dangerous…, 468 (+2 more)

Broader Connections

• The IMF’s 2011-12 papers refuted the expansionary austerity hypothesis by name #corroborates (0.90) — Mark Blyth, Austerity, 582
• Austerity theory only holds in a special case unlike actual economies #corroborates (0.78) — Mark Blyth, Austerity, 480
• Austerity policy triumphed despite its authors conceding weak empirical evidence #corroborates (0.78) — Mark Blyth, Austerity, 468
• Austerity’s success cases are few and possibly wrong while its failures are demonstrable #corroborates (0.75) — Mark Blyth, Austerity, 479
• Austerity persists as an ideology that resists empirical refutation #corroborates (0.72) — Mark Blyth, Austerity, 613