structural adjustment

structural adjustment
A package of policies associated with loans to Third World countries by the International Monetary Fund and the World Bank. There are three elements: stabilization (the control of inflation by restricting the rate of increase of the money supply via the budget deficit); liberalization (a reduction in government intervention in product and factor markets in order to bring domestic prices more in line with world prices); and privatization of public-sector institutions to improve the technical efficiency of production. Structural adjustment policies have had negative distributive effects in the short run, because of high prices and raised unemployment , and long-run effects have been variable.

Dictionary of sociology. 2013.

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