Fiscal Policy and the Washington Consensus: A Post Keynesian Perspective
AbstractThe debt crisis of the early 1980s prompted several analyses that emphasized the negative role of fiscal deficits on economic development. This negative view of fiscal deficits was consolidated in the so-called Washington Consensus agenda. International financial crises – recurrent in a world of true uncertainty with unregulated capital flows, and flexible exchange rates – have led to perennial fiscal adjustment. Alternatives to the permanent fiscal adjustment, the main legacy of the Washington Consensus, from a Post Keynesian perspective, are presented. It is emphasized that the notion of the euthanasia of the rentier is a necessary complement to the socialization of investment.
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Bibliographic InfoPaper provided by University of Utah, Department of Economics in its series Working Paper Series, Department of Economics, University of Utah with number 2004_09.
Length: 21 pages
Date of creation: 2004
Date of revision:
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Policy; Development; Post Keynesian Economics;
Other versions of this item:
- Alcino F. C�Mara Neto & Matias Vernengo, 2004. "Fiscal policy and the Washington consensus: a Post Keynesian perspective," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 27(2), pages 333-343, December.
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
- O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
- B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2004-10-21 (All new papers)
- NEP-HPE-2004-10-21 (History & Philosophy of Economics)
- NEP-IFN-2004-10-21 (International Finance)
- NEP-PKE-2004-10-21 (Post Keynesian Economics)
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