A Thousand Cuts: Social Protection in the Age of Austerity

The IMF has been the world's lender of last resort and leading advocate of austerity, but critics have identified structural adjustment programs as a key cause of global increases in poverty, disease, and unemployment. In A Thousand Cuts, Alexandros Kentikelenis and Thomas Stubbs provide a systematic and comprehensive analysis of IMF policies from 1980-2019 to examine their effects on social policies and outcomes. They reveal that although the precise content of IMF-mandated austerity has changed considerably over time, the organization continues to place a high burden of reform on countries in crisis, decreasing the availability of important social services and contributing to rises in income inequality and decline in population health.

Format: Hardback
Length: 272 pages
Publication date: 28 September 2023
Publisher: Oxford University Press Inc

Over the past four decades, economic crises have been met with a dominant policy response of austerity, which involves a combination of budget cuts and reforms aimed at reducing the role of the state. The International Monetary Fund (IMF) has played a significant role as the world's lender of last resort and has been a strong advocate of austerity measures. However, this policy approach has come under intense scrutiny from policymakers and civil society, as it has been linked to adverse consequences for social protection. Critics of the IMF argue that so-called structural adjustment programs, which are a central component of IMF-mandated reforms, have contributed to global increases in poverty, widespread disease, and unemployment.

In response to these criticisms, the IMF has presented a narrative of wholesale reform to its practices. In their book, "A Thousand Cuts," Alexandros Kentikelenis and Thomas Stubbs provide a systematic and comprehensive analysis of IMF policies around the world. Drawing on novel data from the IMF archives, Kentikelenis and Stubbs have created a replicable database of all IMF-mandated reforms from 1980 to 2019 to examine their effects on social policies and outcomes.

Their findings reveal that, despite changes in the precise content of IMF-mandated austerity over time, the organization continues to place a significant burden of reform on countries in crisis. These reforms often result in the reduction of important social services, leading to rises in income inequality and declines in population health. Kentikelenis and Stubbs argue that, despite reform rhetoric, the IMF's practices and the outcomes they produce have changed very little over the past three decades.

This book makes an important contribution to the ongoing debate regarding the consequences of the IMF and its role in shaping economic policies around the world. It sheds light on the human costs of austerity and highlights the need for alternative approaches to addressing economic crises. As policymakers and civil society continue to grapple with the impact of IMF-mandated reforms, "A Thousand Cuts" provides valuable insights into the need for more accountable and sustainable economic policies.

Weight: 532g
Dimension: 166 x 243 x 26 (mm)
ISBN-13: 9780190637736