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What Happened to the Washington Consensus?

In: International Finance and the Developing Economies

Author

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  • Graham Bird

    (University of Surrey)

Abstract

The phrase, ‘The Washington Consensus’ was, so the story goes, coined by John Williamson at a conference in response to the suggestion that, during the 1980s, countries in Latin America were being confronted with conflicting, and therefore confusing, advice from the International Monetary Fund and the World Bank. Williamson’s response was that there was, in fact, a strong consensus about policy across the Washington-based institutions around the need for macroeconomic stability, microeconomic liberalisation and openness. Their advice was therefore not conflicting but reinforcing.

Suggested Citation

  • Graham Bird, 2004. "What Happened to the Washington Consensus?," Palgrave Macmillan Books, in: International Finance and the Developing Economies, chapter 5, pages 60-73, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59984-0_5
    DOI: 10.1057/9780230599840_5
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    Cited by:

    1. Graham Bird, 2007. "The Imf: A Bird'S Eye View Of Its Role And Operations," Journal of Economic Surveys, Wiley Blackwell, vol. 21(4), pages 683-745, September.
    2. Graham Bird, 2004. "Growth, poverty and the IMF," Journal of International Development, John Wiley & Sons, Ltd., vol. 16(4), pages 621-636.

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