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The Washington Consensus and East Asian Sequencing: Understanding Reform in East and South Asia

In: Understanding Market Reforms

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  • Keun Lee

Abstract

After the second oil shock in the mid-1980s increased the need for structural adjustment, many developing countries initiated economic policy reform. In the 1990s, Krueger’s (2000) second stage of reform, the momentum grew as economists’ views on reform tended to converge on the so-called Washington Consensus, as articulated by Williamson (1990) and summarized in Williamson (1994b)

Suggested Citation

  • Keun Lee, 2006. "The Washington Consensus and East Asian Sequencing: Understanding Reform in East and South Asia," Palgrave Macmillan Books, in: José María Fanelli & Gary McMahon (ed.), Understanding Market Reforms, chapter 3, pages 99-140, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37361-7_3
    DOI: 10.1057/9780230373617_3
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    Citations

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    Cited by:

    1. Keun Lee, 2009. "How Can Korea be a Role Model for Catch-up Development?: A 'Capability-based View'," WIDER Working Paper Series RP2009-34, World Institute for Development Economic Research (UNU-WIDER).
    2. Lyubimov, Ivan L. (Любимов, Иван) & Kazakova, Maria V. (Казакова, Мария) & Gvozdeva, Margarita (Гвоздева, Маргарита) & Ospanova, Aigerim G. (Оспанова, Айгерим), 2019. "The Failure and Triumph of Economic Complexity: Economic History of Argentina and South Korea in the Second Half of the 20th Century [Провал И Триумф Экономического Усложнения: История Аргентины И ," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 5, pages 8-35, October.
    3. San Choi & Jongtaik Lee & Hyun-Woo Park, 2020. "A Comparative Study of Sustainable Transition from Catch-up to Post Catch-up of South Korea and China," Sustainability, MDPI, vol. 12(11), pages 1-23, June.
    4. Khan, Haider, 2013. "Bangladesh: Towards a Non-partisan Search for a Pro-people National Political Economic Strategy during Crisis," MPRA Paper 49518, University Library of Munich, Germany.
    5. Khan, Haider A., 2011. "Bangladesh: National Political Econmic Strategies in Perilous Times," MPRA Paper 40121, University Library of Munich, Germany.
    6. Khan, Haider A., 2011. "Human development and capabilities in MENA economies with special emphasis on Egypt," MPRA Paper 39381, University Library of Munich, Germany.
    7. Khan, Haider A., 2012. "National Innovation Systems and Regional Cooperation in Asia: Challenges and Strategies from a Study of China," MPRA Paper 40118, University Library of Munich, Germany.
    8. Keun Lee, 2013. "Capability Failure and Industrial Policy to Move beyond the Middle-Income Trap: From Trade-based to Technology-based Specialization," International Economic Association Series, in: Joseph E. Stiglitz & Justin Yifu Lin (ed.), The Industrial Policy Revolution I, chapter 4, pages 244-272, Palgrave Macmillan.
    9. Haider A. Khan, 2010. "Development Strategies: Lessons from the Experiences of South Korea, Malaysia, Thailand and Vietnam," WIDER Working Paper Series wp-2010-010, World Institute for Development Economic Research (UNU-WIDER).
    10. Lee, Keun, 2020. "Diverse Tools of Industrial Policy in Korea: A Schumpterian and Capability-based View," MPRA Paper 111035, University Library of Munich, Germany.
    11. Khan, Haider A, 2010. "Development Strategies: Lessons from the Experiences of South Korea, Malaysia, Thailand and Vietnam," WIDER Working Paper Series 010, World Institute for Development Economic Research (UNU-WIDER).
    12. Khan, Haider A., 2011. "Lessons from Korean development experience," MPRA Paper 39387, University Library of Munich, Germany.
    13. Khan, Haider, 2013. "Industrialization and Development Strategies in the 21st Century: Towards Sustainable Innovation Systems," MPRA Paper 50168, University Library of Munich, Germany.
    14. Lee, Keun & Lee, Chung H., 2008. "The miracle to crisis and the mirage of the postcrisis reform in Korea: Assessment after ten years," Journal of Asian Economics, Elsevier, vol. 19(5-6), pages 425-437.
    15. Khan, Haider, 2024. "Ecological Crisis and the Global South Internationalist Ecosocialism : A Strategy for Comprehensive Sustainable Non-capitalist Development in the Global South," MPRA Paper 119639, University Library of Munich, Germany.
    16. Khan, Haider, 2024. "Africa as Part of a New Non-neocolonial Global South: A Strategy for African Development beyond the East Asian Model in the 21st Century : Integrating Markets and the Enabling Developmental State," MPRA Paper 120309, University Library of Munich, Germany.
    17. Marta Marson & Matteo Migheli & Donatella Saccone, 2021. "New evidence on the link between ethnic fractionalization and economic freedom," Economics of Governance, Springer, vol. 22(3), pages 257-292, September.
    18. Khan, Haider, 2024. "Trans-development and the Global South: Counter-hegemonic Strategy for Building an Ecological Global Civilization," MPRA Paper 120325, University Library of Munich, Germany.
    19. Khan, Haider, 2024. "Development Orders and Disorders: Real Competition in Complex Global Capitalist System, China’s Ambiguous Case, and the Need for Democratic Socialism in the 21st Century," MPRA Paper 119640, University Library of Munich, Germany.
    20. Khan, Haider, 2023. "Towards a New Non-aligned Movement(NNAM) and a New International Economic Order:A Strategy for Comprehensive Non-capitalist Development in the 21st Century," MPRA Paper 117143, University Library of Munich, Germany.
    21. Lee, Keun & Kim, Byung-Yeon, 2009. "Both Institutions and Policies Matter but Differently for Different Income Groups of Countries: Determinants of Long-Run Economic Growth Revisited," World Development, Elsevier, vol. 37(3), pages 533-549, March.

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