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Shock Therapy and the Washington Consensus: A Comment

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  • John Williamson

    (Senior Fellow, Institute for International Economics, 1750 Mass. Ave. NW, Washington, DC 20036, USA.)

Abstract

This short comment on the article by John Marangos welcomes the author's care in distinguishing alternative concepts of the Washington Consensus and distinguishing them in turn from the idea of shock therapy. It discusses several differences between what Marangos terms the “Washington Consensus Proper” and “Shock Therapy”, such as the role of aid in financing budget deficits, voucher privatization, and price liberalization, and argues that these reflect differences in time and place rather than ideological disagreements. Comparative Economic Studies (2007) 49, 59–60. doi:10.1057/palgrave.ces.8100177

Suggested Citation

  • John Williamson, 2007. "Shock Therapy and the Washington Consensus: A Comment," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 49(1), pages 59-60, March.
    • Handle: RePEc:pal:compes:v:49:y:2007:i:1:p:59-60
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    Cited by:

    1. Ben FINE & David HALL, 2010. "Contesting neoliberalism: public sector alternatives for service delivery," Departmental Working Papers 2010-27, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    2. Marangos, John, 2009. "What happened to the Washington Consensus? The evolution of international development policy," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(1), pages 197-208, January.
    3. John Marangos, 2009. "The Evolution Of The Term ‘Washington Consensus’," Journal of Economic Surveys, Wiley Blackwell, vol. 23(2), pages 350-384, April.

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