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Fiscal Policy and the Washington Consensus: A Post Keynesian Perspective

  • Alcino F. Câmara Neto
  • Matias Vernengo

The debt crisis of the early 1980s prompted several analyses that emphasized the negative role of fiscal deficits on economic development. This negative view of fiscal deficits was consolidated in the so-called Washington Consensus agenda. International financial crises – recurrent in a world of true uncertainty with unregulated capital flows, and flexible exchange rates – have led to perennial fiscal adjustment. Alternatives to the permanent fiscal adjustment, the main legacy of the Washington Consensus, from a Post Keynesian perspective, are presented. It is emphasized that the notion of the euthanasia of the rentier is a necessary complement to the socialization of investment.

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Paper provided by University of Utah, Department of Economics in its series Working Paper Series, Department of Economics, University of Utah with number 2004_09.

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Length: 21 pages
Date of creation: 2004
Date of revision:
Handle: RePEc:uta:papers:2004_09
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  1. Colander, David, 1984. "Was Keynes a Keynesian or a Lernerian?," Journal of Economic Literature, American Economic Association, vol. 22(4), pages 1572-75, December.
  2. M. Ayhan Kose & Kenneth Rogoff & Eswar Prasad & Shang-Jin Wei, 2003. "Effects of Financial Globalization on Developing Countries; Some Empirical Evidence," IMF Occasional Papers 220, International Monetary Fund.
  3. Luiz Bresser Pereira & Fernando Dall'Acqua, 1991. "Economic Populism versus Keynes: Reinterpreting Budget Deficit in Latin America," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 14(1), pages 29-38, October.
  4. Gale, William G. & Orszag, Peter R., 2003. "Economic Effects of Sustained Budget Deficits," National Tax Journal, National Tax Association, vol. 56(3), pages 463-85, September.
  5. Grunberg, Isabelle, 1998. "Double jeopardy: Globalization, liberalization and the fiscal squeeze," World Development, Elsevier, vol. 26(4), pages 591-605, April.
  6. Fernando J. Cardim de Carvalho, 1992. "Mr Keynes And The Post Keynesians," Books, Edward Elgar, number 79, December.
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