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The Evolution Of The Term ‘Washington Consensus’

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  • John Marangos

Abstract

The term ‘Washington Consensus’, as Williamson conceived it, was the lowest common denominator of the reforms that he judged ‘Washington’ could agree were required in Latin America. The term has evolved to denote a different set of policies from those initially conceived. This paper investigates the different versions and interpretations of this controversial term and assesses whether the term itself is suitable and viable or slowly becoming irrelevant and obsolete. Most importantly, the evolution of the term mirrors the evolution of economic thought on economic development for nearly the last two decades.

Suggested Citation

  • John Marangos, 2009. "The Evolution Of The Term ‘Washington Consensus’," Journal of Economic Surveys, Wiley Blackwell, vol. 23(2), pages 350-384, April.
    • Handle: RePEc:bla:jecsur:v:23:y:2009:i:2:p:350-384
    DOI: 10.1111/j.1467-6419.2008.00565.x
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    References listed on IDEAS

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    1. John Marangos, 2007. "Was Shock Therapy Consistent with the Washington Consensus?," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 49(1), pages 32-58, March.
    2. 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.
    3. Koldko, Grzegorz W., 1999. "Ten years of post-socialist transition lessons for policy reform," Policy Research Working Paper Series 2095, The World Bank.
    4. Srinivasan, T N, 2000. "The Washington Consensus a Decade Later: Ideology and the Art and Science of Policy Advice," The World Bank Research Observer, World Bank, vol. 15(2), pages 265-270, August.
    5. Williamson, John, 2000. "What Should the World Bank Think about the Washington Consensus?," The World Bank Research Observer, World Bank, vol. 15(2), pages 251-264, August.
    6. J. Stiglitz, 1998. "More Instruments and Broader Goals: Moving toward the PostWashington Consensus," Voprosy Ekonomiki, NP Voprosy Ekonomiki, vol. 8.
    7. World Bank, 1997. "Global Economic Prospects and the Developing Countries 1997," World Bank Publications - Books, The World Bank Group, number 32392, April.
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    Cited by:

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    2. 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.
    3. Andrea Filippo Presbitero & Alberto Zazzaro, 2010. "The Global Crisis in Low- and Middle-Income Countries: How the IMF Responded," Mo.Fi.R. Working Papers 35, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    4. John Marangos & Charles J. Whalen, 2011. "Evolution without fundamental change: the Washington Consensus on economic development," Chapters, in: Charles J. Whalen (ed.), Financial Instability and Economic Security after the Great Recession, chapter 8, pages 153-178, Edward Elgar Publishing.
    5. Rossitsa Rangelova Pavlova & Grigor Sariiski, 2015. "Negative Impacts of the Neo-liberal Policies on the Banking Sector in Bulgaria," Contemporary Economics, Vizja University, vol. 9(1), March.
    6. John Marangos, 2023. "The Post-Keynesian Perspective and Policy Recommendations for the Greek Financial Crisis," Review of Radical Political Economics, Union for Radical Political Economics, vol. 55(3), pages 423-447, September.

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