The philosophy of (economic) language

In Language as Symbolic Action (1966), Kenneth Burke suggests a belief system establishes its own vocabulary to present its adherents with a specific reality. Proponents of neo-liberalism, the dominant economic, social and political ideology since the 1970s, have been effective in establishing a vocabulary, particularly in relation to the conduct of fiscal policy.

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Compare the pair

International Monetary Fund (IMF) policies do not recognise the importance of full fiscal-monetary sovereignty to the conduct of fiscal (government) policy. Specifically, mainstream notions of fiscal sustainability are not applicable to sovereign economies.

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Failed policy: The IMF in crisis

Notwithstanding the nature and causes of the Global Financial Crisis (GFC), the IMF continues to espouse fundamentally flawed policy advice, as the institution seeks to maintain its relevance and legitimacy despite becoming largely redundant following the collapse of the Bretton Woods (fixed exchange rate) system in 1971.

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