By Narcís Serra, Joseph E. Stiglitz
This quantity brings jointly some of the major foreign figures in improvement reviews, comparable to Jose Antonio Ocampo, Paul Krugman, Dani Rodrik, Joseph Stiglitz, Daniel Cohen, Olivier Blanchard, Deepak Nayyer and John Williamson to think again and suggest substitute improvement guidelines to the Washington Consensus. overlaying a variety of concerns from macro-stabilization to exchange and the way forward for worldwide governance, this crucial quantity makes a true contribution to this significant and ongoing debate. the amount starts via introducing the Washington Consensus, discussing the way it used to be initially formulated, what it ignored, and the way it was once later interpreted, and units the level for a formula of a brand new improvement framework within the post-Washington Consensus period. It then is going directly to research and provide differing views and strength options to a couple of key improvement matters, a few which have been addressed by means of the Washington Consensus and others which have been now not. the quantity concludes through taking a look towards formulating new coverage frameworks and provides attainable reforms to the present method of world governance.
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Extra resources for The Washington Consensus Reconsidered: Towards a New Global Governance
Example text
Correlation between Changes in Inequality and Progress/Lack of Progress in Reducing Poverty Source: Szekely 2001. 36 Inequality and Redistribution correlation: the ‘Gini trend’ is the estimated annual rate of change in the Gini index by country, the ‘poverty trend’ is the estimated annual trend in the poverty rate. The association between rising inequality and rising poverty remains even when differences in economic growth are taken into account. The point is that survey data do suggest an increase in inequality during the era of liberalization and reform—the reign of the Washington Consensus.
One possible hypothesis is that this was an attempt to discredit economic reform by bundling a raft of ideas that deserve to be consigned to oblivion along with the list of common sense, pro-reform proposals that constituted my original list. This was doubtless facilitated by the name that I had bestowed on my list, which gave an incentive to anyone who disliked the policies or attitudes of 6 For example, Stiglitz (2002: 74) writes ‘The Washington Consensus policies . . were based on a simplistic model of the market economy, the competitive equilibrium model, in which Adam Smith’s invisible hand works, and works perfectly.
7 I find it ironic that one of the chairmen of President Clinton’s Council of Economic Advisers should have adopted this usage, since my understanding of the definition of the word consensus would preclude a Washington Consensus including anything to which he took serious objection while in office as either chairman of the US Council of Economic Advisers or Chief Economist at the World Bank. 22 A Short History of the Washington Consensus the US government or the IFIs to join in a misrepresentation of the policies they were promoting.