This is apropos a Business Recorder op-ed “Need for reformed Bretton Woods institutions for the ‘new normal” carried by the newspaper a week ago. Undoubtedly, Dr Omer Javed has presented a highly informed perspective on this subject of great import by arguing, among other things, that “The rich countries, which have a significant voting share in the IMF, for instance, should take the lead on such reforms. But that may be hard to do, given many rich countries have themselves seen the hold of Neoliberalism in their domestic policies. The widening gap between the rich and poor in individual countries across the spectrum in general means that meaningful activism is needed to undo neoliberal policies.”
Here, I would like to differ with the honourable writer to the extent that his constant criticism of neoliberalism and its policies sometime appears to be highly warranted in view of the fact that neoliberalism is nothing but a political approach that favours free-market capitalism, deregulation, and reduction in government spending. Not everything about neoliberalism, which is a policy model encompassing both politics and economics, is bad.
HASHIM REZA (KARACHI)
Copyright Business Recorder, 2021