The death of the Washington consensus?

World Policy Journal

Volumn 16, Issue 3, 1999, Pages 79-88

  Broad, Robin ^a   Cavanagh, John ^a  

^a NONE

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EID: 0033442499     PISSN: 07402775     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Conference Paper

References (17)

1. The ten areas of consensus in terms of neo-liberal, free-market policies, as noted by Williamson, are: "fiscal discipline" (i.e., policies to combat fiscal deficits); "public expenditure priorities" (to cut expenditures through the removal of subsidies, etc.); "tax reform"; "financial liberalization" (toward market-determined interest rates); competitive "exchange rates"; "trade liberalization" (to replace licenses with tariffs and to reduce tariffs); "foreign direct investment" (i.e., removing barriers); "privatization"; "deregulation" (of impediments to competition); and "property rights." See John Williamson, The Progress of Policy Reform in Latin America, Policy Analyses in International Economics, no.28 (Washington, D.C.: Institute for International Economics, January 1990).
2. Williamson, Progress of Policy Reform in Latin America, p. 9.
3. John Williamson, "Democracy and the 'Washington Consensus,'" World Development, vol. 21, no. 8 (1993), p. 1329.
4. Williamson, Progress of Policy Reform, p. 83.
5. Calculated by the Institute for Policy Studies from data published in Forbes magazine, July 5, 1999, and in United Nations Development Programme, Human Development Report 1999.
6. Calculated by the Institute for Policy Studies from data published in Forbes magazine, July 5, 1999, and in United Nations Development Programme, Human Development Report 1999.
7. Jackie Calmes, "Despite Buoyant Economic Times, Americans Don't Buy Free Trade," Wall Street Journal, December 10, 1998. Pro-free trade think tanks dismiss such poll results as coming from an ill-informed public plagued with "globaphobia." See Gary Burtless, Robert Z. Lawrence, Robert E. Litan, and Robert J. Shapiro, Globaphobia: Confronting Fears about Open Trade (Washington, D.C.: Brookings Institution, Progressive Policy Institute, and Twentieth Century Fund, 1988.)
8. Jackie Calmes, "Despite Buoyant Economic Times, Americans Don't Buy Free Trade," Wall Street Journal, December 10, 1998. Pro-free trade think tanks dismiss such poll results as coming from an ill-informed public plagued with "globaphobia." See Gary Burtless, Robert Z. Lawrence, Robert E. Litan, and Robert J. Shapiro, Globaphobia: Confronting Fears about Open Trade (Washington, D.C.: Brookings Institution, Progressive Policy Institute, and Twentieth Century Fund, 1988.)
9. International Confederation of Free Trade Unions, ICFTU Online, January 21, 1999.
10. Jeffrey Sachs, "The IMF and the Asian Flu," American Prospect, March-April 1998, p. 17.
11. See Michael Shari, "Up In Smoke," Business Week, June 1, 1998, p. 66.
12. Jagdish Bhagwati, "The Capital Myth: The Difference Between Trade in Widgets and Dollars," Foreign Affairs, vol. 77 (May/June 1998), p. 7.
13. Bhagwati, "Capital Myth," p. 12.
14. Joseph Stiglitz, "More Instruments and Broader Goals: Moving toward the Post-Washington Consensus," 1998 World Institute for Development Economics Research annual lecture, Helsinki, Finland, January 7, 1998.
15. See Friends of the Earth, International Forum on Globalization, and Third World Network, "Call to Action: A Citizens Agenda for Reform of the Global Economic System," Washington, D.C., December 10, 1998; and Robert Blecker, Taming Global Finance: A Better Architecture for Growth and Equity (Washington, D.C.: Economic Policy Institute, 1999). For papers from the March 1999 Focus on the Global South conference in Bangkok, see Walden Bello, Nicola Bullard, and Kamal Malhotra, eds., Cooling Down Hot Money: How to Regulate Financial Markets (London: Zed Press, forthcoming).
16. See Friends of the Earth, International Forum on Globalization, and Third World Network, "Call to Action: A Citizens Agenda for Reform of the Global Economic System," Washington, D.C., December 10, 1998; and Robert Blecker, Taming Global Finance: A Better Architecture for Growth and Equity (Washington, D.C.: Economic Policy Institute, 1999). For papers from the March 1999 Focus on the Global South conference in Bangkok, see Walden Bello, Nicola Bullard, and Kamal Malhotra, eds., Cooling Down Hot Money: How to Regulate Financial Markets (London: Zed Press, forthcoming).
17. See Friends of the Earth, International Forum on Globalization, and Third World Network, "Call to Action: A Citizens Agenda for Reform of the Global Economic System," Washington, D.C., December 10, 1998; and Robert Blecker, Taming Global Finance: A Better Architecture for Growth and Equity (Washington, D.C.: Economic Policy Institute, 1999). For papers from the March 1999 Focus on the Global South conference in Bangkok, see Walden Bello, Nicola Bullard, and Kamal Malhotra, eds., Cooling Down Hot Money: How to Regulate Financial Markets (London: Zed Press, forthcoming).