The IMF Learned Something from Financial Crisis

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Joe Stiglitz reports that the IMF which was once the bastion of neo-liberalism, has changed its tune. The financial crisis taught them that unfettered capital markets can create global imbalances and that capital controls may be an appropriate tool under some circumstances. They also see income inequality as an issue that requires attention. The financial crisis in the US was, in part, the result of an attempt to maintain household consumption with debt and an asset bubble to compensate for stagnant growth in middle class income.