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The Washington consensus : assessing a damaged brand

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  • Birdsall, Nancy
  • de la Torre, Augusto
  • Caicedo, Felipe Valencia

Abstract

The authors analyze the Washington Consensus, which at its original formulation reflected views not only from Washington, but also from Latin America. Tracing the life of the Consensus from a Latin American perspective in terms of evolving economic development paradigms, they document the extensive implementation of Consensus-style reforms in the region as well as the mismatch between reformers’ expectations and actual outcomes, in terms of growth, poverty reduction, and inequality. They present an assessment of what went wrong with the Washington Consensus-style reform agenda, using a taxonomy of views that put the blame, alternatively, on (i) shortfalls in the implementation of reforms combined with impatience regarding their expected effects; (ii) fundamental flaws—in either the design, sequencing, or basic premises of the reform agenda; and (iii) incompleteness of the agenda that left out crucial reform needs, such as volatility, technological innovation, institutional change and inequality.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 5316.

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Date of creation: 01 May 2010
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Handle: RePEc:wbk:wbrwps:5316

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Keywords: Debt Markets; Emerging Markets; Economic Theory&Research; Achieving Shared Growth; Access to Finance;

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References

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Citations

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Cited by:
  1. Giovanni Andrea Cornia, 2012. "Inequality Trends and their Determinants: Latin America over 1990-2010," Working Papers - Economics wp2012_02.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
  2. Scharf, Kim, 2011. "Private Provision of Public Goods and Information Diffusion in Social Groups," CAGE Online Working Paper Series 48, Competitive Advantage in the Global Economy (CAGE).
  3. Nancy Birdsall & Nora Lustig & Darryl McLeod, 2011. "Declining Inequality in Latin America: Some Economics, Some Politics," Working Papers 1120, Tulane University, Department of Economics.
  4. Baldwin, Richard, 2012. "Trade and industrialisation after globalisation’s 2nd unbundling: How building and joining a supply chain are different and why it matters," CEPR Discussion Papers 8768, C.E.P.R. Discussion Papers.
  5. Richard Baldwin, 2013. "Trade and Industrialization after Globalization’s Second Unbundling: How Building and Joining a Supply Chain Are Different and Why it Matters," NBER Chapters, in: Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-First Century, pages 165-212 National Bureau of Economic Research, Inc.
  6. Cornia, Giovanni Andrea, 2012. "Inequality Trends and their Determinants: Latin America over 1990-2011," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
  7. Giovanni Andrea Cornia, 2012. "The New Structuralist Macroeconomics and Income Inequality," Working Papers - Economics wp2012_25.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
  8. Chen, Natalie & Conconi, Paola & Perroni, Carlo, 2011. "Multi-Trait Matching and Intergenerational Mobility: A Cinderella Story," CEPR Discussion Papers 8605, C.E.P.R. Discussion Papers.

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