The Washington Consensus : Assessing a Damaged Brand
The authors analyze the Washington Consensus, which at its original formulation reflected views not only from Washington, but also from Latin America. Tracing the life of the Consensus from a Latin American perspective in terms of evolving economic...
| Main Authors: | , , |
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| Language: | English |
| Published: |
2012
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| Subjects: | |
| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100524171316 http://hdl.handle.net/10986/3802 |
| Summary: | The authors analyze the Washington
Consensus, which at its original formulation reflected views
not only from Washington, but also from Latin America.
Tracing the life of the Consensus from a Latin American
perspective in terms of evolving economic development
paradigms, they document the extensive implementation of
Consensus-style reforms in the region as well as the
mismatch between reformers expectations and actual
outcomes, in terms of growth, poverty reduction, and
inequality. They present an assessment of what went wrong
with the Washington Consensus-style reform agenda, using a
taxonomy of views that put the blame, alternatively, on (i)
shortfalls in the implementation of reforms combined with
impatience regarding their expected effects; (ii)
fundamental flaws in either the design, sequencing, or basic
premises of the reform agenda; and (iii) incompleteness of
the agenda that left out crucial reform needs, such as
volatility, technological innovation, institutional change
and inequality. |
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