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Reclaiming development from the Washington consensus

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  • HA-JOON CHANG
  • ILENE GRABEL

Abstract

This paper summarizes our new book, Reclaiming Development: An Alternative Economic Policy Manual (Chang and Grabel, 2004). It begins from the premise that the view that there is no alternative to neoliberal economic policies in developing countries is fundamentally and dangerously incorrect. The "no alternative" dictum has commonly been associated with popularizations (and arguably, misinterpretations) of Williamson's original statement of the "Washington Consensus." We demonstrate that feasible alternatives to neo-liberal policies exist that can promote rapid economic development that is equitable, stable, and sustainable. Some of these are proposals for strategies not yet adopted. But many others have already proven their worth in practice across the globe. We offer them in order to shatter the idea that there is no alternative, and to contribute to the vigorous campaign now underway across the globe to "reclaim development" from the neoliberal orthodoxy.

Suggested Citation

  • Ha-Joon Chang & Ilene Grabel, 2004. "Reclaiming development from the Washington consensus," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 27(2), pages 273-291.
    • Handle: RePEc:mes:postke:v:27:y:2004:i:2:p:273-291
    DOI: 10.1080/01603477.2004.11051434
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    Cited by:

    1. Cedrini Mario, 2007. "Consensus vs. freedom of consensus upon freedom? From Washington disorder to the rediscovery of Keynes," CESMEP Working Papers 200708, University of Turin.
    2. Noemi Levy Orlik, 2012. "The Effect of Interest Rates in Developing Countries: Can Central Bank Monetary Policy Instruments Modify Economic Growth?," Chapters, in: Claude Gnos & Louis-Philippe Rochon & Domenica Tropeano (ed.), Employment, Growth and Development, chapter 12, Edward Elgar Publishing.
    3. Gerald Epstein, 2006. "Central Banks as Agents of Economic Development," WIDER Working Paper Series RP2006-54, World Institute for Development Economic Research (UNU-WIDER).
    4. Henderson, Jeffrey, 2005. "Global Production Networks, Competition, Regulation and Poverty Reduction: Policy Implications," Centre on Regulation and Competition (CRC) Working papers 30692, University of Manchester, Institute for Development Policy and Management (IDPM).
    5. Undp, 2011. "HDR 2011 - Sustainability and Equity: A Better Future for All," Human Development Report (1990 to present), Human Development Report Office (HDRO), United Nations Development Programme (UNDP), number hdr2011, September.
    6. Clifton, Judith & Díaz-Fuentes, Daniel, 2011. "La Nueva Política Económica de la OCDE ante el cambio en la Economía Mundial [The New Political Economy of the OECD in a context of Shifting World Wealth]," MPRA Paper 33010, University Library of Munich, Germany.
    7. Mehmet Ufuk Tutan & Al Campbell, 2016. "Foreign Private Capital-Led Growth," Review of Radical Political Economics, Union for Radical Political Economics, vol. 48(4), pages 595-602, December.
    8. Vishnu Padayachee, 2019. "Can progressive macroeconomic policy address growth and employment while reducing inequality in South Africa?," The Economic and Labour Relations Review, , vol. 30(1), pages 3-21, March.
    9. Albala-Bertrand, José Miguel, 2006. "Changes in Chile's production structure, 1986-1996: output and industrial interdependence," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.

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