The root of Europe's riots | Ha-Joon Chang

No wonder the protesters are back. They are angry at the backdoor rewriting of the social contractThroughout the 1980s and 90s, when many developing countries were in crisis and borrowing money from the International Monetary Fund, waves of protests in those countries became known as the "IMF riots". They were so called because they were sparked by the fund's structural adjustment programmes, which imposed austerity, privatisation and deregulation.The IMF complained that calling these riots thus...