Consensus vs. freedom of consensus upon freedom? From Washington disorder to the rediscovery of Keynes
The paper retraces the history of the debate on the Washington Consensus according to the four-stage partition Consensus, Confusion, Contention, Conclusion, with particular attention to the criticisms evoked by the use of it as a tool for the “integrationist agenda” of the Nineties. We argue that the excessive shrinking in policy space available to developing countries is among the key factors explaining why the saga has rapidly come to a Conclusion, leaving room to the rediscovery of the “embedded liberalism” of Bretton Woods. It is our aim to show, however, that Keynes’s plan for a new international order inspired by a consensus on freedom rather than discipline, is still the most relevant model for a new system of national capitalisms enhancing member countries’ freedom to choose.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- James M. Boughton, 2004. "The IMF and the force of History: Ten Events and Ten Ideas that Have Shaped the Institution," IMF Working Papers 04/75, International Monetary Fund.
- Gore, Charles, 2000. "The Rise and Fall of the Washington Consensus as a Paradigm for Developing Countries," World Development, Elsevier, vol. 28(5), pages 789-804, May.
- Jos� Antonio Ocampo, 2004. "Beyond the Washington consensus: what do we mean?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 27(2), pages 293-314, December.
- Michael P. Dooley & David Folkerts-Landau & Peter Garber, 2003.
"An Essay on the Revived Bretton Woods System,"
NBER Working Papers
9971, National Bureau of Economic Research, Inc.
- 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.
- Paul Davidson, 1993. "Reforming the World's Money," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 15(2), pages 153-179, January.
- Claude Gnos & Louis-Philippe Rochon, 2004. "Reforming the international financial and monetary system: from Keynes to Davidson and Stiglitz," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 26(4), pages 613-629, October.
- J. Stiglitz, 1998. "More Instruments and Broader Goals: Moving toward the PostWashington Consensus," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 8.
- Ruggie, John Gerard, 1982. "International regimes, transactions, and change: embedded liberalism in the postwar economic order," International Organization, Cambridge University Press, vol. 36(02), pages 379-415, March.
- Jane D'Arista, 2002. "Moving Beyond the Washington Consensus," International Journal of Political Economy, M.E. Sharpe, Inc., vol. 32(4), pages 22-34, January.
- Feldstein, Martin, 1999. "A Self-Help Guide for Emerging Markets," Scholarly Articles 2961700, Harvard University Department of Economics.
- Williamson, John, 1985. "On the System in Bretton Woods," American Economic Review, American Economic Association, vol. 75(2), pages 74-79, May.
- Ha-Joon Chang & Ilene Grabel, 2004. "Reclaiming development from the Washington consensus," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 27(2), pages 273-291, December.
When requesting a correction, please mention this item's handle: RePEc:uto:cesmep:200708. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Piero Cavaleri)or (Marina Grazioli)
If references are entirely missing, you can add them using this form.