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Beyond the Washington consensus: what do we mean?

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  • JOS� ANTONIO OCAMPO
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    Abstract

    This paper underscores the need to overcome the fundamental problems of the "Washington Consensus" that have not been entirely solved in its recent reformulations calling for a "second generation of reforms." Such problems are its narrow view of macroeconomic stability; its disregard for the role that policy interventions in the productive sector can play in inducing investment and accelerating growth; its tendency to subordinate social policies to economic policies; and, finally, its tendency to forget that it is citizens who should choose what economic and social institutions they prefer. The examination of the frustrating experience of Latin America under structural reforms provides the empirical backdrop for the analysis.

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    Bibliographic Info

    Article provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.

    Volume (Year): 27 (2004)
    Issue (Month): 2 (December)
    Pages: 293-314

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    Handle: RePEc:mes:postke:v:27:y:2004:i:2:p:293-314

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    Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348

    Related research

    Keywords: macroeconomic stability; Washington Consensus;

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    Cited by:
    1. Singh, Nirvikar, 2006. "Services-Led Industrialization in India: Assessment and Lessons," Santa Cruz Department of Economics, Working Paper Series qt8jn2b8z6, Department of Economics, UC Santa Cruz.
    2. Mario Cedrini, 2008. "Consensus versus freedom or consensus upon freedom? from Washington disorder to the rediscovery of Keynes," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 30(4), pages 499-522, July.
    3. Helen Shapiro, 2007. "Industrial Policy and Growth," Working Papers, United Nations, Department of Economics and Social Affairs 53, United Nations, Department of Economics and Social Affairs.

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