Why is it called the Washington Consensus?
Economist John Williamson coined the term “Washington Consensus” in 1989, in reference to a set of 10 market-oriented policies that were popular among Washington-based policy institutions, as policy prescriptions for improving economic performance in Latin American countries.
Does the Washington Consensus still exist?
Sadly, as Degol Hailu, writing for the International Policy Centre for Inclusive Growth, concludes: “Washington consensus polices and the associated conditionalities are alive and well.” This is also the opinion of the many who monitor the international financial institutions and have examined recent loan conditions.
What is the Washington Consensus John Williamson?
In 1989, PIIE’s John Williamson used the term “Washington Consensus” to describe the remedies supported by international institutions (e.g., the World Bank and the International Monetary Fund) to help Latin American countries recover from debt crises.
Was the Washington Consensus a failure?
Unfortunately, the Washington Consensus is strictly considered as a failed consensus by many major institutions and economists from group of Marxism, Dependency Theory and Structuralist after some economic crisis in Asia, Latin America, Africa, and lastly the global financial crisis in 2008.
Did the Washington Consensus work in Latin America?
In Latin America, only Chile had a higher growth rate than the average for emerging markets. Overall, the evidence suggests that countries that more fully adopted the Wash- ington Consensus policies generally had a better growth performance.
What is the difference between the Washington Consensus and the Post Washington Consensus ‘?
While the Washington consensus focused on the perfection of the market the post Washington consensus does the exact opposite, it points out market limitations and ways of correcting such limitations (Stiglitz 2001).
Why is the Washington Consensus controversial?
The Washington Consensus purists insisted on the importance of stabilizing exchange rates in times of crisis through public budget cuts, higher taxes and interest rates and other recessive measures. Their opponents criticized such policies, arguing that they would lead to recession (Naim, 1999).
Who wrote the Washington Consensus?
economist John Williamson
The term “Washington Consensus” was coined in 1989 by economist John Williamson of PIIE. He was describing a list of policies that had gained support among Latin American policymakers in response to the macroeconomic turbulence and debt crisis of the early to mid-1980s.
Why did the Washington Consensus failed in Latin America?
The paper analyzes the economic and social development of Latin America after nearly two decades of macroeconomic policies and reforms in line with the “Washington Consensus.” It shows that these policies lowered inflation and induced an export boom but failed to boost domestic investment and to remove the balance-of- …
¿Qué es el consenso de Washington?
Como se ha señalado, a pesar de las reservas de Williamson, el término Consenso de Washington se ha utilizado de manera más amplia para describir el cambio general hacia las políticas de libre mercado que siguieron al desplazamiento del keynesianismo en los años setenta.
¿Cuáles son los libros que se publican después del Consenso de Washington?
Después del Consenso de Washington: Reiniciando el Crecimiento y la Reforma en América Latina, editores Kuczynski, Pedro-Paul y John Williamson, Washington, D.C., Instituto de Economía Internacional, 2003. El Espíritu del Capitalismo Democrático, por Michael Novak (1982). El Otro Sendero, por Hernando de Soto (1986).
¿Cómo ha afectado el consenso de Washington a la expansión económica en Latinoamérica?
Se argumenta además, de manera muy generalizada, que el Consenso de Washington no ha producido ninguna expansión económica significativa en Latinoamérica y sí, en cambio, algunas crisis económicas severas y la acumulación de deuda externa que mantiene a estos países anclados al mundo subdesarrollado .
¿Cuáles son las instituciones que forman el consenso dewashington?
El Consenso de Washington estaba formado por el Fondo Monetario Internacional (FMI), por el Banco Mundial y por el Tesoro de Estados Unidos, las tres instituciones con sede en Washington.