{
  "title": "Keynes, the IMF, and the Future",
  "publication": "IMF Blog, May 30, 2019",
  "sourceUrl": "https://www.imf.org/en/blogs/articles/2019/05/30/keynes-the-imf-and-the-future",
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  "summary": "Publication date: May 30, 2019",
  "sections": [
    {
      "heading": "Overview and context",
      "content": "- Publication date: May 30, 2019\n- Author: Gita Bhatt\n- Occasion: Issue of Finance & Development marking the IMF’s 75th anniversary\n- Historical reference: Bretton Woods conference; post–World War II economic order; reference to the 44 delegates that created the institution"
    },
    {
      "heading": "Main observations about the IMF's evolution",
      "content": "- The IMF has modernized its toolkit to address new challenges:\n  - Tools for analyzing financial risks and external imbalances\n  - Engagement on income inequality, corruption, and climate change\n- Institutional characteristics noted:\n  - Universal membership and diverse staff\n  - Female head (Christine Lagarde)\n- Technological and geopolitical changes emphasized:\n  - New emerging powers and technologies linking countries and markets at light speed\n  - Growing economic and political nationalism, fraying of alliances, and sharply declining support for multilateralism"
    },
    {
      "heading": "Intellectual and policy contributions highlighted",
      "content": "- The issue solicits perspectives from leading thinkers on how the IMF should adapt:\n  - Martin Wolf, Mohamed El-Erian, and Adam Tooze: how the IMF must continue to change to face new realities and better serve its member countries\n  - Keyu Jin: foresees volatility as China integrates fully into global financial markets\n  - Pinelopi Goldberg: focuses on the uncertainties around trade\n  - Raghuram Rajan: discusses how best to manage growing flows of capital across borders\n- IMF Managing Director Christine Lagarde advocates a “new” multilateralism that:\n  - Puts people at the center of efforts\n  - Ensures governments and institutions work to attain common goals for a prosperous, inclusive, and sustainable future"
    },
    {
      "heading": "Themes and implied policy directions",
      "content": "- Renewed commitment to global economic cooperation in response to nationalism and weakened multilateralism\n- Continued adaptation and innovation by the IMF to serve global economic harmony and member needs\n- Emphasis on inclusive and sustainable policy objectives centered on people"
    },
    {
      "heading": "Key statistics and factual items preserved from source",
      "content": "- IMF’s 75th anniversary\n- IMF membership: 191 countries\n- Founding delegates: 44 delegates that created the institution\n\nSource: IMFBlog post \"Keynes, the IMF, and the Future\" by Gita Bhatt, May 30, 2019\n\n---\n\n\n References\n\n- visited the IMF today\n- corruption\n- https://www.imf.org/wp-content/uploads/2019/05/FD-cover.jpg\n- new emerging powers\n- multilateralism\n- In this issue of Finance & Development\n- Martin Wolf\n- Mohamed El-Erian\n- Adam Tooze\n- Keyu Jin\n- Pinelopi Goldberg\n- Raghuram Rajan\n- Christine Lagarde\n- inclusive\n- Finance & Development Magazine\n\nSource: https://www.imf.org/en/blogs/articles/2019/05/30/keynes-the-imf-and-the-future"
    }
  ],
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    "[Markdown version](/en/blogs/articles/2019/05/30/keynes-the-imf-and-the-future/index.md)",
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    "Authors: Gita Bhatt",
    "Published: May 30, 2019",
    "Publication date: May 30, 2019",
    "Author: Gita Bhatt",
    "Occasion: Issue of Finance & Development marking the IMF’s 75th anniversary",
    "Historical reference: Bretton Woods conference; post–World War II economic order; reference to the 44 delegates that created the institution",
    "The IMF has modernized its toolkit to address new challenges:",
    "Institutional characteristics noted:",
    "Technological and geopolitical changes emphasized:",
    "The issue solicits perspectives from leading thinkers on how the IMF should adapt:",
    "IMF Managing Director Christine Lagarde advocates a “new” multilateralism that:",
    "Renewed commitment to global economic cooperation in response to nationalism and weakened multilateralism",
    "Continued adaptation and innovation by the IMF to serve global economic harmony and member needs",
    "Emphasis on inclusive and sustainable policy objectives centered on people",
    "IMF’s 75th anniversary",
    "IMF membership: 191 countries",
    "Founding delegates: 44 delegates that created the institution",
    "[visited the IMF today](https://www.imf.org/external/pubs/ft/fandd/2019/06/lord-keynes-meets-christine-lagarde-ghosh.htm)",
    "[corruption](https://www.imf.org/external/pubs/ft/fandd/2019/06/globalization-and-drug-trafficking-dell.htm)",
    "[https://www.imf.org/wp-content/uploads/2019/05/FD-cover.jpg](https://www.imf.org/wp-content/uploads/2019/05/FD-cover.jpg)",
    "[new emerging powers](https://www.imf.org/external/pubs/ft/fandd/2019/06/new-monetary-system-farhi.htm)",
    "[multilateralism](https://www.imf.org/external/pubs/ft/fandd/2019/06/imf-and-central-banks-working-together-reis.htm)",
    "[In this issue of Finance & Development](https://www.imf.org/external/pubs/ft/fandd/2019/06/index.htm)",
    "[Martin Wolf](https://www.imf.org/external/pubs/ft/fandd/2019/06/the-future-of-the-imf-wolf.htm)",
    "[Mohamed El-Erian](https://www.imf.org/external/pubs/ft/fandd/2019/06/future-of-IMF-elerian.htm)",
    "[Adam Tooze](https://www.imf.org/external/pubs/ft/fandd/2019/06/reimagining-the-imf-tooze.htm)",
    "[Keyu Jin](https://www.imf.org/external/pubs/ft/fandd/2019/06/rise-of-china-jin.htm)",
    "[Pinelopi Goldberg](https://www.imf.org/external/pubs/ft/fandd/2019/06/the-future-of-global-trade-goldberg.htm)",
    "[Raghuram Rajan](https://www.imf.org/external/pubs/ft/fandd/2019/06/crossborder-capital-flows-rajan.htm)",
    "[Christine Lagarde](https://www.imf.org/external/pubs/ft/fandd/2019/06/christine-lagarde-future-of-bretton-woods-straight.htm)",
    "[inclusive](https://www.imf.org/external/pubs/ft/fandd/2019/06/digital-africa-songwe.htm)",
    "[Finance & Development Magazine](https://www.imf.org/external/pubs/ft/fandd/)"
  ],
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