Business Intelligence

Not Your Grandfather's IMF: Global Crisis, "Productive Incoherence" And Developmental Policy Space

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Executive Summary

The response by the IMF (and developing country national governments) to the current global financial crisis represents a moment of what the author terms "Productive incoherence" that has displaced the constraining "Neoliberal coherence" of the past several decades. Productive incoherence refers to the proliferation of inconsistent and even contradictory strategies and statements by the IMF that to date have not congealed into any sort of new, organized regime. Those who see continuity at the IMF emphasize the reassertion of the IMF's authority; the reiteration of pro-cyclical policy adjustment; and the maintenance of existing governance patterns within the institution.

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