The world bank and international monetary fund critics are quick to say both approaches are the same, and that the washington consensus was just repackaged and given a new brand, name and identity in the post washington consensus development approach. The washington consensus advocates the following policy stances. The post washington consensus development uk essays. Introduction some lessons of the east asian financial crisis making markets work better broadening the goals of development concluding remarks notes. The term washington consensus usually refers to the level of agreement between the international monetary fund imf, world bank, and u. The ten commandments of the washington consensus 1. Consenso, politicas, post keynesiano, liberalismo, crecimiento. The washington consensus did not necessarily reject the use of social policy, but its focus on efficiency and fiscal discipline often led to cuts in social spending. Stabilization, reform, financial markets, macroeconomic policy, government, history of economic thought, institutions, latin america, caribbean. This was in the context of a region where almost all the countries had run large deficits that led to balance of payments crises and high inflation that hit mainly the poor because the rich could park their money abroad. What the crisis did, however, was to underscore the instability inherent in capitalist systems even ones as developed and sophisticated as the united states. A redirection of public expenditure priorities toward fields offering both high economic reforms and the potential to improve. There is a missing dimension on the economic reforms of the washington consensus, as well as in the institutional turn of the post washington consensus.
There is a missing dimension on the economic reforms of the washington consensus, as well as in the institutional turn of the postwashington consensus. Its recipes were neither necessary nor sufficient for. The washington consensus refers to a set of freemarket economic policies supported by prominent financial institutions such as the international monetary fund, the world bank, and the u. The ten commandments of the washington consensus balance. The ten commandments of the washington consensus balance of. Pablo sainzvillegas, spanish guitar recommended for you. Moving toward the postwashington consensus this speech is also available in pdf format, suitable for printing or reading offline.