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Rethinking the Emerging Post-Washington Consensus: A Critical Appraisal

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Author Info
Ziya Önis () (Department of Political Science, Koc University)
Fikret Senses () (Department of Economics, METU)
Abstract

The objective of the paper is to provide a critical assessment of the emerging post-Washington Consensus (PWC), as a new paradigm in the development debate. The paper begins by tracing the main record of the Washington Consensus, the set of neoliberal economic policies propogated foremost by key Bretton Woods Institutions like the World Bank and the IMF that penetrated into the economic policy agendas of many developing countries since the late 1970s. The paper then outlines the main tenets of the PWC, emerging from the shortcomings of that record and the reaction it created in the political realm. The paper, while accepting that the PWC provides a significant improvement over the Washington Consensus, draws attention to its failure to provide a sufficiently broad framework for dealing with key and pressing development issues such as income distribution, poverty and self-sustained growth.

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File URL: http://www.erc.metu.edu.tr/menu/series03/0309.pdf
File Format: application/pdf
File Function: First version, 2003
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Publisher Info
Paper provided by ERC - Economic Research Center, Middle East Technical University in its series ERC Working Papers with number 0309.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 36 pages
Date of creation: Sep 2003
Date of revision: Sep 2003
Handle: RePEc:met:wpaper:0309

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Web page: http://www.erc.metu.edu.tr
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Related research
Keywords: Post-Washington Consensus; growth;

Find related papers by JEL classification:
O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
O19 - Economic Development, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. William Easterly, 2002. "The Elusive Quest for Growth: Economists' Adventures and Misadventures in the Tropics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262550423.
  2. Kaplan, Ethan & Rodrik, Dani, 2001. "Did the Malaysian Capital Controls Work?," CEPR Discussion Papers 2754, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  3. Woods, Ngaire, 2000. "The Challenge of Good Governance for the IMF and the World Bank Themselves," World Development, Elsevier, vol. 28(5), pages 823-841, May. [Downloadable!] (restricted)
  4. Inci Ötker & Akira Ariyoshi & Jorge Iván Canales Kriljenko & Karl Friedrich Habermeier & Andrei Kirilenko & Bernard Laurens, 2000. "Capital Controls: Country Experiences with Their Use and Liberalization," IMF Occasional Papers 190, International Monetary Fund. [Downloadable!]
  5. 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. [Downloadable!] (restricted)
  6. Stanley Fischer, 2003. "Globalization and Its Challenges," American Economic Review, American Economic Association, vol. 93(2), pages 1-30, May. [Downloadable!]
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