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Was Shock Therapy Consistent with the Washington Consensus?

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  • John Marangos

    () (Department of Economics, Colorado State University, 1771 Campus Delivery, Fort Collins, CO, 80523-1771, USA.)

Abstract

Williamson proposed the term ‘Washington Consensus’ to refer to the lowest common denominator of policy advice being addressed by the Washington based institutions. Owing to the considerable confusion about the term, I distinguish between two different versions of the term: the Washington Consensus proper to denote the original set of policies initiated by the father of the term and the Washington Consensus as a neoliberal manifesto to represent the policies identified with the term ‘neoliberalism’. It is demonstrated that the Shock Therapy process had some common elements with both versions of the Washington Consensus; however, there were also important differences due in large measure to the differing circumstances in transition economies and Latin American economies. Comparative Economic Studies (2007) 49, 32–58. doi:10.1057/palgrave.ces.8100176

Suggested Citation

  • 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.
  • Handle: RePEc:pal:compes:v:49:y:2007:i:1:p:32-58
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    Cited by:

    1. 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.
    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.

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