Rethinking the Emerging Post-Washington Consensus: A Critical Appraisal
AbstractThe 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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Bibliographic InfoPaper provided by ERC - Economic Research Center, Middle East Technical University in its series ERC Working Papers with number 0309.
Length: 36 pages
Date of creation: Sep 2003
Date of revision: Sep 2003
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
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