The Return of the Policy That Shall Not Be Named: industrial policy and the IMF in global economic governance

Hosted by the Department of International Relations and Department of International Development

Sumeet Valrani Theatre, Centre Building, LSE


Reda Cherif

Reda Cherif

Senior Economist at the International Monetary Fund (IMF)

Fuad Hasanov

Fuad Hasanov

Senior Economist at the International Monetary Fund (IMF)

Natalya Naqvi

Natalya Naqvi

Assistant Professor of International Political Economy, LSE

Jostein Hauge

Jostein Hauge

Research Associate, Centre for Science, Technology and Innovation Policy, University of Cambridge


Robert Wade

Robert Wade

Professor of Political Economy and Development Department of International Development, LSE

After decades of neglect, industrial policy is making a comeback at key institutions for global economic governance. The authors of a seminal IMF paper on modern industrial policy in an era of globalisation will present their recent work on this controversial topic.

Debates over the role of the state and economic sovereignty under globalisation have emerged as key issues after the 2008 crisis, and will only become more salient going forward, especially given the renewed emphasis on industrial policy in powerful core economies.

The publication of Cherif and Hasanov (2019), The return of the policy that shall not be named: Principles of industrial policy has generated vigorous debate in academic circles, and is widely seen as a significant turning point in global economic governance, with the IMF ostensibly coming out in favour of an interventionist role for the state. This comes after the IMF has spent decades aggressively dismantling such policies in developing countries through its structural adjustment conditionalities.

Fuad Hasanov and Reda Cherif, the authors of this important publication, will be in conversation with Natalya Naqvi, Assistant Professor of International Political Economy at LSE, Robert Wade, Professor of Political Economy and Development at LSE, and Jostein Hauge, Research Associate at the University of Cambridge.

Reda Cherif is a Senior Economist at the International Monetary Fund (IMF). He joined the IMF in 2008 and worked in several departments on fiscal issues and macroeconomic analysis of emerging and developing countries. Reda also conducted economics training of IMF staff and government officials. His research focuses on development economics, natural resources, fiscal policy, and growth and innovation. His recent book co-edited with Fuad Hasanov and Min Zhu, Breaking the Oil Spell, explores economic diversification in oil exporters. Reda holds a PhD in economics from the University of Chicago.

Fuad Hasanov is a Senior Economist at the International Monetary Fund (IMF) and an Adjunct Professor of Economics at Georgetown University. Since joining the IMF in 2007, he has worked as an economist for several emerging countries and natural resource producers and conducted training of IMF staff and government officials. Before joining the IMF, Fuad was an Assistant Professor of Economics at Oakland University in Rochester, Michigan in 2004-2007. He has written articles on consumption and saving, real estate returns, growth and inequality, fiscal policy and debt, and natural resources. His recent research focuses on growth, innovation, and state policies. He is the co-editor, with Reda Cherif and Min Zhu, of Breaking the Oil Spell that examines economic diversification in oil-exporting countries. Fuad received a PhD in economics from the University of Texas at Austin.

Natalya Naqvi (@natalyanaqvi) is Assistant Professor of International Political Economy at LSE.

Robert Wade is Professor of Political Economy and Development in the Department of International Development at LSE.

Jostein Hauge (@haugejostein) is an economist and a Research Associate at the Centre for Science, Technology and Innovation Policy at the University of Cambridge. 

The Department of International Relations (@LSEIRDept) is now in its 92nd year, making it one of the oldest as well as largest in the world.  

The Department of International Development (@LSE_ID) was established in 1990 as the Development Studies Institute (DESTIN) to promote interdisciplinary postgraduate teaching and research on processes of social, political and economic development and change.

Suggested hashtag for this event: #LSEIMF

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