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Evolution without fundamental change: the Washington Consensus on economic development

In: Financial Instability and Economic Security after the Great Recession

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Listed:
  • John Marangos
  • Charles J. Whalen

Abstract

This timely book rethinks economic theory and policy by addressing the problem of economic instability and the need to secure broadly shared prosperity. It stresses that advancing economics in the wake of the Great Recession requires an evolutionary standpoint, greater attention to uncertainty and expectations, and the integration of finance into macroeconomics. The result is a broader array of policy options – and challenges – than conventional economics presents.

Suggested Citation

  • 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.
  • Handle: RePEc:elg:eechap:14489_8
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    File URL: https://www.elgaronline.com/view/9780857934833.00019.xml
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    References listed on IDEAS

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    1. Jeffrey G. Williamson & Luis Bertola, 2003. "Globalization in Latin America Before 1940," NBER Working Papers 9687, National Bureau of Economic Research, Inc.
    2. Paul Davidson, 1991. "Controversies in Post Keynesian Economics," Books, Edward Elgar Publishing, number 121, June.
    3. Christopher Brown, 2008. "Inequality, Consumer Credit and the Saving Puzzle," Books, Edward Elgar Publishing, number 12877, June.
    4. Daniel Gay, 2007. "Modernism, reflexivity and the Washington Consensus," Journal of Economic Methodology, Taylor & Francis Journals, vol. 14(1), pages 83-105.
    5. Claude Gnos & Louis-Philippe Rochon, 2004. "The Washington consensus and multinational banking in Latin America," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 27(2), pages 315-331.
    6. repec:mes:jeciss:v:37:y:2003:i:3:p:643-663 is not listed on IDEAS
    7. -, 2003. "Capital flows to Latin America: second quarter 2002," Oficina de la CEPAL en Washington (Estudios e Investigaciones) 28812, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    8. 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.
    9. repec:mes:jeciss:v:21:y:1987:i:4:p:1861-1887 is not listed on IDEAS
    10. 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.
    11. John Marangos & Nikos Astroulakis, 2009. "The Institutional Foundation of Development Ethics," Journal of Economic Issues, Taylor & Francis Journals, vol. 43(2), pages 381-388.
    12. North, Douglass C, 1994. "Economic Performance through Time," American Economic Review, American Economic Association, vol. 84(3), pages 359-368, June.
    13. -, 2003. "Capital flows to Latin America: second quarter 2003," Oficina de la CEPAL en Washington (Estudios e Investigaciones) 28823, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    14. -, 2003. "Capital flows to Latin America: first quarter 2002," Oficina de la CEPAL en Washington (Estudios e Investigaciones) 28811, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    15. John Marangos, 2003. "Price liberalization, monetary, and fiscal policies for transition economies: a Post Keynesian perspective," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 25(3), pages 449-469.
    16. -, 2003. "Capital flows to Latin America: fourth quarter 2002," Oficina de la CEPAL en Washington (Estudios e Investigaciones) 28814, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    17. John Marangos, 2001. "A Post Keynesian View of Transition to Market Capitalism: Developing a Civilized Society," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 23(2), pages 301-311, January.
    18. John Marangos, 2009. "The Evolution Of The Term 'Washington Consensus'," Journal of Economic Surveys, Wiley Blackwell, vol. 23(2), pages 350-384, April.
    19. -, 2003. "Capital flows to Latin America: first quarter 2003," Oficina de la CEPAL en Washington (Estudios e Investigaciones) 28822, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    20. -, 2003. "Capital flows to Latin America: third quarter 2003," Oficina de la CEPAL en Washington (Estudios e Investigaciones) 28824, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    21. Ximena Clark & Timothy J. Hatton & Jeffrey G. Williamson, 2003. "What Explains Cross-Border Migration in Latin America?," Harvard Institute of Economic Research Working Papers 2012, Harvard - Institute of Economic Research.
    22. -, 2003. "Capital flows to Latin America: third quarter 2002," Oficina de la CEPAL en Washington (Estudios e Investigaciones) 28813, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    23. Charles Whalen, 2008. "Toward ‘Wisely Managed’ Capitalism: Post-Keynesian Institutionalism and the Creative State," Forum for Social Economics, Taylor & Francis Journals, vol. 37(1), pages 43-60, January.
    24. David Zalewski & Charles Whalen, 2010. "Financialization and Income Inequality: A Post Keynesian Institutionalist Analysis," Journal of Economic Issues, Taylor & Francis Journals, vol. 44(3), pages 757-777.
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    Cited by:

    1. Charles J. Whalen, 2013. "Post-Keynesian Institutionalism after the Great Recession," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 12-27.
    2. Charles J. Whalen, 2012. "Post-Keynesian Institutionalism after the Great Recession," Economics Working Paper Archive wp_724, Levy Economics Institute.

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    Economics and Finance;

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