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What happened to the Washington Consensus? The evolution of international development policy

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  • Marangos, John

Abstract

The term "Washington Consensus", as Williamson the father of the term conceived it, in 1989, was a set of reforms for economic development that he judged "Washington" could agree were required in Latin America. However, the Washington Consensus has been identified as a neoliberal manifesto and calls were made for the implementation of a different set of policies, which took the form of the "Augmented Washington Consensus". Lately, Williamson offered a new set of policies the "After the Washington Consensus". The aim of this paper is to investigate the different interpretations and alternatives of this controversial set of policies, and to reveal the historical evolution of the implemented policies for international development.

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  • Marangos, John, 2009. "What happened to the Washington Consensus? The evolution of international development policy," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(1), pages 197-208, January.
  • Handle: RePEc:eee:soceco:v:38:y:2009:i:1:p:197-208
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    References listed on IDEAS

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    1. Williamson, John, 2000. "What Should the World Bank Think about the Washington Consensus?," World Bank Research Observer, World Bank Group, vol. 15(2), pages 251-264, August.
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    9. 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.
    10. Srinivasan, T N, 2000. "The Washington Consensus a Decade Later: Ideology and the Art and Science of Policy Advice," World Bank Research Observer, World Bank Group, vol. 15(2), pages 265-270, August.
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    1. Dirk H M Akkermans, 2017. "Net profit flow per country from 1980 to 2009: The long-term effects of foreign direct investment," PLOS ONE, Public Library of Science, vol. 12(6), pages 1-28, June.
    2. Bukvić, Rajko, 2013. "Transition in Serbia: Foundations, results and perspectives," MPRA Paper 70166, University Library of Munich, Germany, revised 08 Nov 2013.
    3. Bukvić, Rajko, 2010. "The Other canon against Washington consensus: Re-industrialization as a condition for revival and development," MPRA Paper 69908, University Library of Munich, Germany.
    4. Meg Elkins & Simon Feeny & David Prentice, 2015. "Do Poverty Reduction Strategy Papers reduce poverty and improve well-being?," Discussion Papers 15/02, University of Nottingham, School of Economics.
    5. Bukvić, Rajko, 2011. "Transformaciona kriza i perspektive privrede Srbije u epohi globalizacije i finansijske krize [Transformational crisis and perspectives of Serbian economy in the era of globalization and financial ," MPRA Paper 69949, University Library of Munich, Germany, revised 2011.
    6. Bukvić, Rajko, 2012. "Вашингтонски Консензус И Деиндустријализација Источне И Југоисточне Европе [Washington’s Consensus and Disindustrialization of the Eastern and South-Eastern Europe]," MPRA Paper 86200, University Library of Munich, Germany, revised 2012.
    7. Bukvic, Rajko, 2010. "Foundations, Results and Perspectives of Transition: A Case of Serbia," Ekonomika, Journal for Economic Theory and Practice and Social Issues, Society of Economists Ekonomika, Nis, Serbia, vol. 56(4), December.
    8. Konstantinos Loizos, 2018. "The Financial Repression†Liberalization Debate: Taking Stock, Looking For A Synthesis," Journal of Economic Surveys, Wiley Blackwell, vol. 32(2), pages 440-468, April.
    9. 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.
    10. Petrović, Dragan & Bukvić, Rajko, 2018. "Contemporary Trends in the Development of Industry in the World and Serbia," MPRA Paper 87793, University Library of Munich, Germany, revised 2018.

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