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Washington Consensus

About: Washington Consensus is a research topic. Over the lifetime, 1211 publications have been published within this topic receiving 29489 citations.


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Book ChapterDOI
01 Jan 1990
TL;DR: The economic policies that Washington urges on the rest of the world may be summarized as prudent macroeconomic policies, outward orientation, and free-market capitalism as mentioned in this paper, which is a desirable set of economic policy reforms.
Abstract: This chapter aims to set out what would be regarded in Washington as constituting a desirable set of economic policy reforms. It identifies and discusses ten policy instruments about whose proper deployment Washington can muster a reasonable degree of consensus. The policy instruments include fiscal deficits, public expenditure priorities, tax reform, interest rates, exchange rates, trade policy, foreign direct investment, privatization, deregulation, and property rights. When a fiscal deficit needs to be cut, there are three major expenditure categories on which views are strongly held: subsidies, education and health, and public investment. There is very broad agreement in Washington that large and sustained fiscal deficits are a primary source of macroeconomic dislocation in the forms of inflation, payments deficits, and capital flight. The economic policies that Washington urges on the rest of the world may be summarized as prudent macroeconomic policies, outward orientation, and free-market capitalism.

1,914 citations

BookDOI
31 Jan 2009
TL;DR: The Road from Mont Pelerin this paper is a seminal work in the history of economic thought, focusing on the formation and evolution of modern neoliberalism in the early 1970s.
Abstract: Although modern neoliberalism was born at the "Colloque Walter Lippmann" in 1938, it only came into its own with the founding of the Mont Pelerin Society, a partisan "thought collective," in Vevey, Switzerland, in 1947. Its original membership was made up of transnational economists and intellectuals, including Friedrich Hayek, Milton Friedman, George Stigler, Karl Popper, Michael Polanyi, and Luigi Einaudi. From this small beginning, their ideas spread throughout the world, fostering, among other things, the political platforms of Margaret Thatcher and Ronald Reagan and the Washington Consensus. The Road from Mont Pelerin presents the key debates and conflicts that occurred among neoliberal scholars and their political and corporate allies regarding trade unions, development economics, antitrust policies, and the influence of philanthropy. The book captures the depth and complexity of the neoliberal "thought collective" while examining the numerous ways that neoliberal discourse has come to shape the global economy. "The Road from Mont Pelerin is indispensable for anyone wishing to gain an understanding of neoliberalism, whether as an end in itself or as a means for constructing alternative, non-neoliberal futures." -Daniel Kinderman, Critical Policy Studies "If you work on post-war history of economics, there is almost no reason not to read this book." -Ross B. Emmett, Journal of the History of Economic Thought

1,114 citations

Journal ArticleDOI
Dani Rodrik1
TL;DR: The World Bank's Economic Growth in the 1990s: Learning from a Decade of Reform (2005) as mentioned in this paper is a rather extraordinary document demonstrating the extent to which the thinking of the development policy community has been transformed over the years.
Abstract: Proponents and critics alike agree that the policies spawned by the Washington Consensus have not produced the desired results. The debate now is not over whether the Washington Consensus is dead or alive, but over what will replace it. An important marker in this intellectual terrain is the World Bank's Economic Growth in the 1990s- Learning from a Decade of Reform (2005).With its emphasis on humility, policy diversity, selective and modest reforms, and experimentation, this is a rather extraordinary document demonstrating the extent to which the thinking of the development policy community has been transformed over the years. But there are other competing perspectives as well. One (trumpeted elsewhere in Washington) puts faith on extensive institutional reform, and another (exemplified by the U.N. Millennium Report) puts faith on foreign aid. Sorting intelligently among these diverse perspectives requires an explicitly diagnostic approach that recognizes that the binding constraints on growth differ from setting to setting. .

1,082 citations

Journal ArticleDOI
TL;DR: The authors argued that there is a substantial body of economic advice, roughly summarized in the "Washington consensus," that deserves to be endorsed across the political spectrum, but such endorsement would still leave a series of major economic issues, most notably the tradeoff between efficiency and equity, to be determined by the outcome of the political process.

694 citations

Journal ArticleDOI
TL;DR: This paper argued that the demise of the Washington Consensus is inevitable because its methodology and ideology are in contradiction and that the main challenge to this approach is a latent Southern Consensus, which is apparent in the convergence between East Asian developmentalism and Latin American neostructuralism.

663 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
202311
202219
202119
202027
201923
201840