The New Structuralist Macroeconomics and Income Inequality
The paper compares and assesses the income inequality impact of three macroeconomic policy approaches, that is the theoretical Washington Consensus codified by John Williamson, the ‘real-life’ Washington Consensus and the structuralist macro approach which evolved during the last decade in several countries of Latin America, Sub-Saharan Africa and South East Asia, though not in those of the OECD and Eastern Europe. The paper argues that while the ‘real-life’ Washington Consensus raised income disparity in the countries which adopted such approach during the last three decades, the new structuralist macroeconomics helped reducing income inequality during the last decade in the countries that adopted such approach. The paper presents initial econometric evidence in this regard.
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