The Washington Consensus
Table of Contents:
1. Introduction: pg: 2
2. Washington Consensus pg: 2
(i) Success of WC pg: 4
(ii) Failures of WC pg: 5
3. Role of East Asian Countries pg: 6
4. Post Washington Consensus: pg: 7
5. Does it offer fresh opportunities?: pg: 9
6. Conclusion: pg: 12
7. Bibliography: pg: 13
Discuss how the approaches of the post-Washington Consensus differ from those of the Washington Consensus, and then show whether these new approaches offer fresh opportunities for the South.
Introduction:
The Washington Consensus was formulated in 1989 in response to the failure of the developmental aid in yielding the results desired. It was attributed to ineffective government institutions and therefore proposed that economic growth be left to the market and were subsequently adopted by the International Financial Institutions of the International Monetary Fund (IMF) and World Bank (WB) as part of their structural adjustment policies. The results of this policy saw some short lived positive results but were predominantly characterised by worsened conditions and the neglect of developmental issues. Concurrently, the success of the East Asian Countries forced economists within the IMF to revise the policy calling for more state intervention in conjunction with the market and gave rise to the Post Washington Consensus. The extent to which these two policies differ and whether they offer new opportunities for the South shall be discussed in this assignment.
Washington Consensus:
The Washington Consensus (WC) was established in 1989 following a series of economic crises in Latin America and was a prescription formulated by economist John Williamson, of ten reforms that were to be adopted in developing countries in order to improve economic growth. The proposed policy reforms were supported by the International Monetary Fund (IMF) and the World Bank (WB) along with the US- treasury in pursuit of neoliberal
1. Introduction: pg: 2
2. Washington Consensus pg: 2
(i) Success of WC pg: 4
(ii) Failures of WC pg: 5
3. Role of East Asian Countries pg: 6
4. Post Washington Consensus: pg: 7
5. Does it offer fresh opportunities?: pg: 9
6. Conclusion: pg: 12
7. Bibliography: pg: 13
Discuss how the approaches of the post-Washington Consensus differ from those of the Washington Consensus, and then show whether these new approaches offer fresh opportunities for the South.
Introduction:
The Washington Consensus was formulated in 1989 in response to the failure of the developmental aid in yielding the results desired. It was attributed to ineffective government institutions and therefore proposed that economic growth be left to the market and were subsequently adopted by the International Financial Institutions of the International Monetary Fund (IMF) and World Bank (WB) as part of their structural adjustment policies. The results of this policy saw some short lived positive results but were predominantly characterised by worsened conditions and the neglect of developmental issues. Concurrently, the success of the East Asian Countries forced economists within the IMF to revise the policy calling for more state intervention in conjunction with the market and gave rise to the Post Washington Consensus. The extent to which these two policies differ and whether they offer new opportunities for the South shall be discussed in this assignment.
Washington Consensus:
The Washington Consensus (WC) was established in 1989 following a series of economic crises in Latin America and was a prescription formulated by economist John Williamson, of ten reforms that were to be adopted in developing countries in order to improve economic growth. The proposed policy reforms were supported by the International Monetary Fund (IMF) and the World Bank (WB) along with the US- treasury in pursuit of neoliberal
Bibliography: Grindle, M. 2004. Good enough governance: poverty reduction and reform in developing countries. Governance: International Journal of Policy, Administration and Institutions, 17: 525-548 Grindle, M Serra. N, Spiegel. S & Stiglitz.JE, 2008.Introduction in The Washington Consensus Reconsidered: Towards a New Global Governance, 1st edition, edited by N Serra and JE Stiglitz. New York: Oxford Stiglitz, JE Stiglitz, JE. 2004. The Post Washington Consensus consensus, in.Working Paper: The Initiative for Policy Dialogue, Columbia University, New York. Stiglitz, JE. 2008. Is there a Post Washington Consensus Consensus?, in The Washington Consensus Reconsidered: Towards a New Global Governance, 1st edition, edited by N Serra and JE Stiglitz. New York: Oxford Williamson