The new orthodoxy

Developed countries may be permanently ending austerity

Topics
Global economy | World Bank  | International Monetary Fund

Business Standard Editorial Comment  |  New Delhi 

The latest annual meetings of the Bretton Woods institutions — the World Bank and the International Monetary Fund — have been dominated by discussion on how economies can respond to and recover from the Covid-19 pandemic. What is striking many observers is the degree to which the consensus in the policy and financial community is for a large increase in borrowing — which may, indeed, be open-ended — in the developed world.

In some ways this fits the broader intellectual currents that had begun to dominate even before the pandemic hit. The United States Federal ...

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First Published: Sun, October 18 2020. 23:20 IST
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