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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.

Suggested Citation

  • 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.
    2. 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.
    3. repec:mes:challe:v:33:y:1990:i:4:p:57-59 is not listed on IDEAS
    4. John Williamson, 2004. "The strange history of the Washington consensus," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 27(2), pages 195-206.
    5. 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.
    6. Dow, Sheila, 2002. "Economic Methodology: An Inquiry," OUP Catalogue, Oxford University Press, number 9780198776123.
    7. Rod Cross & Douglas Strachan, 2001. "Three Pillars of Conventional Wisdom," Review of Political Economy, Taylor & Francis Journals, vol. 13(2), pages 181-200.
    8. 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.
    9. Gore, Charles, 2000. "The Rise and Fall of the Washington Consensus as a Paradigm for Developing Countries," World Development, Elsevier, vol. 28(5), pages 789-804, May.
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    Cited by:

    1. 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.
    2. John Marangos & Charles J. Whalen, 2011. "Evolution without fundamental change: the Washington Consensus on economic development," Chapters,in: Financial Instability and Economic Security after the Great Recession, chapter 8, pages 153-178 Edward Elgar Publishing.
    3. Bukvić, Rajko, 2013. "Transition in Serbia: Foundations, results and perspectives," MPRA Paper 70166, University Library of Munich, Germany, revised 08 Nov 2013.
    4. 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.
    5. 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.
    6. Bukvić, Rajko, 2010. "Foundations, results and perspectives of transition: A case of Serbia," MPRA Paper 69873, University Library of Munich, Germany, revised 2010.

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