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Consensus versus freedom or consensus upon freedom? from Washington disorder to the rediscovery of Keynes

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  • Mario Cedrini

Abstract

This paper retraces the history of the debate on the Washington Consensus according to the four-stage partition Consensus, Confusion, Contention, Conclusion, with particular attention to the criticisms evoked by the use of it as a tool for the "integrationist agenda" of the 1990s. The author argues that the excessive shrinking in policy space available to developing countries is among the key factors explaining why the saga has rapidly come to a Conclusion, leaving room for the rediscovery of the "embedded liberalism" of Bretton Woods. It is the author's aim to show, however, that Keynes's plan for a new international order inspired by a consensus on freedom, rather than discipline, is still the most relevant model for a new system of national capitalisms enhancing member countries' freedom to choose.

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Bibliographic Info

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

Volume (Year): 30 (2008)
Issue (Month): 4 (July)
Pages: 499-522

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Handle: RePEc:mes:postke:v:30:y:2008:i:4:p:499-522

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

Related research

Keywords: Bretton Woods; international economic order; John Maynard Keynes; policy space; Washington consensus;

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References

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  1. Williamson, John, 1985. "On the System in Bretton Woods," American Economic Review, American Economic Association, vol. 75(2), pages 74-79, May.
  2. Gore, Charles, 2000. "The Rise and Fall of the Washington Consensus as a Paradigm for Developing Countries," World Development, Elsevier, vol. 28(5), pages 789-804, May.
  3. Michael P. Dooley & David Folkerts-Landau & Peter Garber, 2003. "An Essay on the Revived Bretton Woods System," NBER Working Papers 9971, National Bureau of Economic Research, Inc.
  4. Ha-Joon Chang & Ilene Grabel, 2004. "Reclaiming development from the Washington consensus," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 27(2), pages 273-291, December.
  5. Ruggie, John Gerard, 1982. "International regimes, transactions, and change: embedded liberalism in the postwar economic order," International Organization, Cambridge University Press, vol. 36(02), pages 379-415, March.
  6. Feldstein, Martin, 1999. "A Self-Help Guide for Emerging Markets," Scholarly Articles 2961700, Harvard University Department of Economics.
  7. M. Ayhan Kose & Kenneth Rogoff & Eswar Prasad & Shang-Jin Wei, 2003. "Effects of Financial Globalization on Developing Countries: Some Empirical Evidence," IMF Occasional Papers 220, International Monetary Fund.
  8. James M. Boughton, 2004. "The IMF and the Force of History: Ten Events and Ten Ideas that Have Shaped the Institution," IMF Working Papers 04/75, International Monetary Fund.
  9. Hirschman,Albert O., 1981. "Essays in Trespassing," Cambridge Books, Cambridge University Press, number 9780521282437, October.
  10. Claude Gnos & Louis-Philippe Rochon, 2004. "Reforming the international financial and monetary system: from Keynes to Davidson and Stiglitz," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 26(4), pages 613-629, October.
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Cited by:
  1. Anna M. Carabelli & Mario A. Cedrini, 2010. "Keynes and the Complexity of International Economic Relations in the Aftermath of World War I," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 44(4), pages 1009-1028, December.
  2. Dimitri UZUNIDIS, 2011. "Principles Of The New Mercantilism And The Crisis Of Global Economy," Working Papers 236, Laboratoire de Recherche sur l'Industrie et l'Innovation. ULCO / Research Unit on Industry and Innovation.
  3. Carabelli, Anna M. & Cedrini, Mario, 2013. "Globalization and Keynes’s Ideal of a “Sounder Political Economy between all Nations," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201349, University of Turin.
  4. Dimitri Uzunidis & Blandine Laperche, 2011. "The New Mercantilism and the Crisis of the Global Knowledge Economy," Journal of the Knowledge Economy, Springer, vol. 2(3), pages 373-392, September.

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