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The Other canon against Washington consensus: Re-industrialization as a condition for revival and development

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  • Bukvić, Rajko

Abstract

The paper considers the problems of the alternatives to the mainstream in recent economic thought, that resulted in Washington Consensus. The results of the reforms in so called post-communist countries, based on Consensus, showed, with some exceptions, that these countries realized deep and long-term economic fall, followed by similar processes in other spheres. Contrary to ordinary opinions that transition crisis show as result of inconsistency in reforms taking, this is normaly its result. As an analogue is the Morgenthau’s plan for West Germany observed, that has promoted Germany to industrial disarmament, and that would lead to its poverty and its transformation into raw material basis for the developed economies, and to impossibility of survival of the existing number of population. Fortunately for the Germany, Morgenthau’s plan was abandoned and Marshall’s plan was introduced. It lead to industrial renewal of Germany. For the transition countries it is also necessary, considering the practice and basic principles of the Other Canon, which have they origins as far as from the economic policy of Henry VII, to acess re-industrialization in the same way, which is the necessity for renewall of economies, and for overcoming the long-term crisis.

Suggested Citation

  • Bukvić, Rajko, 2010. "The Other canon against Washington consensus: Re-industrialization as a condition for revival and development," MPRA Paper 69908, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:69908
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    References listed on IDEAS

    as
    1. Dani Rodrik, 2008. "Goodbye Washington Consensus, Hello Washington Confusion? A Review of the World Banks Economic Growth in the 1990s: Learning from a Decade of Reform," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 55(2), pages 135-156, June.
    2. Erik S. Reinert, 1999. "The role of the state in economic growth," Journal of Economic Studies, Emerald Group Publishing, vol. 26(4/5), pages 268-326, September.
    3. 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.
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    More about this item

    Keywords

    Other canon; Washington consensus; transition crisis; industrialization; Morgenthau’s plan; Marshall’s plan; development;
    All these keywords.

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General
    • P21 - Economic Systems - - Socialist Systems and Transition Economies - - - Planning, Coordination, and Reform
    • P30 - Economic Systems - - Socialist Institutions and Their Transitions - - - General

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