Some Fundamental Inadequacies Of The Washington Consensus
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Some Fundamental Inadequacies Of The Washington Consensus
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Author : Wing Thye Woo
language : en
Publisher:
Release Date : 2004
Some Fundamental Inadequacies Of The Washington Consensus written by Wing Thye Woo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
The Washington Consensus suffers from fundamental inadequacies, and that a more comprehensive framework of the economic process is needed to guide the formulation of country-specific development strategies. The following five propositions summarise the set of interrelated arguments made in this paper: 1. The Washington Consensus was based on a wrong reading of the East Asian growth experience. This explains why some observers have called the trade regimes of Korea and Taiwan in the 1965-1980 period "free trade regimes" even though they featured extensive import tariffs and export subsidies. 2. There have been two phases to the Washington Consensus doctrine. The mantra of the first phase (Washington Consensus Mark 1) is "get your prices right", and the falsification of this first mantra led to the emergence of the second phase of the Washington Consensus doctrine. The new mantra from the Washington Consensus Mark 2 is "get the institutions right." The danger is that an elastic definition of the term "institutions" will render the current mantra intellectually vacuous. 3. While central planning went overboard in suppressing the private market economy, the Washington Consensus runs the danger of denying the state its rightful role in providing an important range of public goods. The Washington Consensus also runs the danger of denying the limitations of self-help in the case of sub-Saharan Africa by overlooking the possibility of poverty traps. 4. The Washington Consensus does not understand that the ultimate engine of growth in a predominantly private market economy is technological innovations, and that the state can play a role in facilitating technological innovations. The Washington Consensus is too hooked upon trade-led growth to acknowledge that science-led growth is becoming even more important. 5. The Washington Consensus does not recognize the constraints that geography and ecology could set on the growth potential of a country. For example, the trade-led growth strategy of East Asia cannot work with the same efficiency for a landlocked country. Foreign direct investment is also less likely to go to places that are malaria-infested.
After The Washington Consensus
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Author : Pedro-Pablo Kuczynski
language : en
Publisher: Columbia University Press
Release Date : 2003-03-26
After The Washington Consensus written by Pedro-Pablo Kuczynski and has been published by Columbia University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-03-26 with Business & Economics categories.
This volume is a successor of sorts to the Institute's 1986 volume Toward Renewed Economic Growth in Latin America, which blazed the trail for the market-oriented economic reforms that were adopted in Latin America in the subsequent years. It again presents the work of a group of leading Latin American economists who were asked to think about the nature of the economic policy agenda that the region should be pursuing after a decade that was punctuated by crises, achieved disappointingly slow growth, and saw no improvement in the region's highly skewed income distribution. The study diagnoses the first-generation (liberalizing and stabilizing) reforms that are still lacking, the complementary second-generation (institutional) reforms that are necessary to provide the institutional infrastructure of a market economy with an egalitarian bias, and the new initiatives that are needed to crisis-proof the economies of the region to end its perpetual series of crises. Contributors: Daniel Artana, Nancy Birdsall, Roberto Bouzas, Saúl Keifman, Pedro-Pablo Kuczynski, Ricardo López Murphy, Claudio de Moura Castro, Fernando Navajas, Patricio Navia, Liliana Rojas-Suarez, Jaime Saavedra, Miguel Székely, Andrés Velasco, John Williamson, and Laurence Wolff.
The Washington Consensus Reconsidered
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Author : Narcís Serra
language : en
Publisher: OUP Oxford
Release Date : 2008-04-24
The Washington Consensus Reconsidered written by Narcís Serra and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-04-24 with Political Science categories.
This volume brings together many of the leading international figures in development studies, such as Jose Antonio Ocampo, Paul Krugman, Dani Rodrik, Joseph Stiglitz, Daniel Cohen, Olivier Blanchard, Deepak Nayyar and John Williamson to reconsider and propose alternative development policies to the Washington Consensus. Covering a wide range of issues from macro-stabilization to trade and the future of global governance, this important volume makes a real contribution to this important and ongoing debate. The volume begins by introducing the Washington Consensus, discussing how it was originally formulated, what it left out, and how it was later interpreted, and sets the stage for a formulation of a new development framework in the post-Washington Consensus era. It then goes on to analyze and offer differing perspectives and potential solutions to a number of key development issues, some which were addressed by the Washington Consensus and others which were not. The volume concludes by looking toward formulating new policy frameworks and offers possible reforms to the current system of global governance.
Economic Growth In The 1990s
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Author : World Bank
language : en
Publisher: World Bank Publications
Release Date : 2005
Economic Growth In The 1990s written by World Bank and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
This report was prepared by a team led by Roberto Zagha, under the general direction of Gobind Nankani.
Finance Development September 2003
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Author : International Monetary Fund. External Relations Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2003-08-22
Finance Development September 2003 written by International Monetary Fund. External Relations Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-08-22 with Business & Economics categories.
This paper highlights that the Washington Consensus helped fill the need for an economic policy framework following the discrediting of central planning and import-substitution trade strategies. Latin American governments championed the Consensus in the early 1990s, and the policy agenda delivered some of the things it was supposed to—healthier budgets, lower inflation, lower external debt ratios, and economic growth. But unemployment rose in many countries and poverty remained widespread, while the emphasis on market openness made states vulnerable to the side effects of globalization.
The Oxford Handbook Of Latin American Economics
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Author : José Antonio Ocampo
language : en
Publisher: Oxford University Press, USA
Release Date : 2011-07-28
The Oxford Handbook Of Latin American Economics written by José Antonio Ocampo and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-07-28 with Business & Economics categories.
A comprehensive overview of the key factors affecting the development of Latin American economies that examines long-term growth performance, macroeconomic issues, Latin American economies in the global context, technological and agricultural policies, and the evolution of labour markets, the education sector, and social security programmes.
Globalization And Its Discontents
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Author : Joseph Stiglitz
language : en
Publisher: Penguin UK
Release Date : 2015-09-24
Globalization And Its Discontents written by Joseph Stiglitz and has been published by Penguin UK this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-09-24 with Political Science categories.
From Nobel laureate Joseph Stiglitz, Globalization and its Discontents is the bestselling exposé of the all-powerful organizations that control our lives. Joseph Stiglitz's landmark book lifted the lid on how globalization was hurting those it was meant to help. Many of its predictions came true, and it became a touchstone in the debate. This major new edition looks afresh at the continuing mismanagement of globalization, and how it has led to our current political and economic discontents. Globalization can still be a force for good, Stiglitz argues. But the balance of power has to change. Here he offers real, tough solutions for the future. 'A massively important political as well as economic document ... we should listen to him urgently' Will Hutton, Guardian 'Stiglitz is a rare breed, an heretical economist who has ruffled the self-satisfied global establishment that once fed him. Globalization and its Discontents declares war on the entire Washington financial and economic establishment' Ian Fraser, Sunday Herald 'Gripping ... this landmark book shows him to be a worthy successor to Keynes' Robin Blackburn, Independent
The New Development Economics
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Author : Jomo K.S.
language : en
Publisher: Zed Books
Release Date : 2006
The New Development Economics written by Jomo K.S. and has been published by Zed Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
This volume provides a critique of the post-Washington Concensus in neoliberal economics.
Latin American Adjustment
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Author : John Williamson
language : en
Publisher:
Release Date : 1990
Latin American Adjustment written by John Williamson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Business & Economics categories.
This volume examines the record of Latin American adjustment efforts and assesses the challenges that lie ahead. It examines the Washington consensus on how ten major policy instruments - including fiscal deficits, tax reform, exchange rates, and deregulation - should be used to address Latin America's current problems. Ten country studies and accompanying commentaries assess public attitudes in each country toward these reforms, the progress made since 1982 in implementing them, and the impact of policy changes on economic performance.
Eliminating The Imf
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Author : Imad A. Moosa
language : en
Publisher: Springer
Release Date : 2019-02-11
Eliminating The Imf written by Imad A. Moosa and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-11 with Political Science categories.
This book offers a concise but thorough analysis of the International Monetary Fund reform debate. Since the advent of the Asian financial crisis in the late 1990s, a lengthy deliberation has ensued over whether the IMF should be reformed, abolished, or left as is. The authors approach this debate from a normative perspective while looking at arguments from all sides, as well as reflecting on the history, functions, and ideology of the IMF. This unique approach gives weight to the authors’ perspectives and their conclusion that the IMF ultimately does more harm than good. Written to analyze and contribute to the current IMF debate, this Palgrave Pivot is a must-read for scholars and policymakers invested in the conversation surrounding IMF reform.