The Washington Consensus Assignment

1481 words - 6 pages

In 1989 the economist John Williamson presented a paper to a conference held by the Institute for International Economics concerning policy reforms in Latin America. Within his paper was a list of 10 principal economic reforms that he coined the Washington Consensus. They were "what most people in Washington thought was needed in most Latin American countries at the time."(Williamson2004) The people he was referring to were those in Washington working at institutions such as the U. S. Treasury, the IMF, and the World Bank. These policy tools and some later additions would become ubiquitous in development economics for the next twenty-plus years. Currently, however, there is generally a consensus that they were unsuccessful and are considered by many to have been extremely harmful to those countries who adopted them or to those upon which they were imposed. This paper aims to define the "Washington Consensus" and its legacy.

In the years following World War II, economists generally agreed on the need to nurture fledgling industries in developing countries, and it was considered a given that a nation's government would play the main role in doing so. Most economists were dubious of market forces and the idea that free trade and reduced government alone would promote growth (Rodrik 2011:163). However, by the nineteen-eighties, popular development theory had shifted significantly toward a neoliberal ideology based on a faith in unfettered markets to produce economic stability and reduce the role of government. (Stiglitz 2015: 26 ) The Washington Consensus was a list of the ten most common policy reforms being recommended and imposed on ( by way of structural adjustment loans ) Latin American countries at the time. (Peet. 2009:14) They focused on deregulation, trade, financial liberalization, privatization, avoiding currency overvaluation, and fiscal disciple. (Rodrik 2011: 164) Over the next decade, the term took on its own life and became synonymous with the right-wing 'progressive reform' agenda of the US Treasury Dep't, IMF, World Bank, and Wall Street. An agenda that can be simplified as stabilizing, liberalizing, and privatizing and would dominate for the rest of the century and into the next.

In Latin America, the popularity of consensus policies was in part, a reaction to the perceived failures of protectionist economic policy. Pre-consensus Latin American economics was focused on the development of domestic markets and industry rather than export markets and enforced restrictive trade policies like large tariffs on imported goods. (Rodrick 2011:168). This strategy was called Import Substitution Industrialization or ISI. The debt crises in Latin America in the 1980s created a very receptive political climate for Washington Consensus policies and the majority of Latin American countries adopted them or accepted them as conditions for loans from the World Bank or IMF (Stiglitz 2006:36). After more than a decade of inflation and stagnat...

More like The Washington Consensus Assignment

Debt, Development And The Biosphere

5452 words - 22 pages ... nascent global civil society by international financiers who are protected under the guise of the Washington Consensus and the IMF. An explanation will come from addressing deforestation and displacement of marginalized people into 'illegal' avenues for economic subsistence, which further exacerbates biosphere destruction. In closing a suggestion for reform to the international monetary system will be offered. Debt has a long history and can ...

Rise Of The Global South’ Means That Neoliberal Globalization Makes Development Possible - Second Year - Research Paper

2684 words - 11 pages ... involvement shaped this rise in various countries. Secondly, this essay assesses the relationship between neoliberalism and globalization, while showing that there is a lack of sufficient evidence to suggest that there is currently a dominant neoliberal world order. The essay will then go on to discuss the Washington Consensus and its role in terms of global governance, with a particular focus on its successfulness in the global South. Lastly, the ...

2018 NFL Mock Draft- Picks 1-20 - Lunch - Essay

929 words - 4 pages ... | The Bills here pick up their franchise QB, and Mayfield is ready to start as a rookie, if need be. 13.Washington Redskins- Vita Vea, DT, Washington | Ziggy Hood didn’t do good at stopping the run, which isn’t good for a DT. Vea fills a big hole, so he goes here. 14.Green Bay Packers- Marcus Davenport, DE, UT San Antonio | The Packers system won’t be a challenge for Davenport, because he used it frequently in college. The Packers need an edge ...

The Debate Whether Or Not Globalization Is Good For Our Economy - Economics - Essay

927 words - 4 pages ... ones. If you look at globalization, you will see how it’s existence may easily create increased income inequality in these developing countries. Birdsall, the founding president of the Center for Global Development in Washington, DC, USA., states “The increase in inequality in the United States over the last 25 years has been blamed on changes in trade, technology and migration patterns associated with increasing economic integration with other ...

Essay On Church

1621 words - 7 pages ... An Anglican Church commission rebuked the Episcopal Church USAyesterday for ordaining an openly gay bishop in New Hampshire and for blessingsame-sex unions, and called for a moratorium on both practices "untilsome new consensus in the Anglican Communion emerges."In a report issued in London, the commission asked the Episcopal Churchto apologize for causing pain and division in the global AnglicanCommunion, the second largest church body in the ...

Resource Mobilzationand Economic Gowth

1535 words - 7 pages ... . eds. NewPalgrave: A Dictionary of Economics. London: Macmillan PressStiglitz, J. (1998) 'More Instruments and Broader Controls--Moving Towards the Post-Washington Consensus', in H-J Chang (ed) Joseph Stiglitz and the World Bank: TheRebel Within. London: Anthem Press, 2001. ...

Essay About The Electoral College - English - Essay

1817 words - 8 pages ... numbers are presented to the American people in a way that the winner looks like they won by a much greater margin than if it was decided by a popular vote. Now, should the President be seen to be legitimate or should the President of the United States be someone whose legitimacy is decided by a majority consensus? So after all of that, why is the Electoral College an unfair system? The Electoral College is an outdated system that was designed for ...

Affortable Care Act Mental Coverage - St Charles Community College - Research Paper

5081 words - 21 pages ... . “Consensus Statement on the Upcoming Crisis in Geriatric Mental Health.” Archives of General Psychiatry 56(9): 848–53. Kaiser Family Foundation (KFF). 2011. “Medicaid’s New ‘Health Home’ Option.” Retrieved May 20, 2014. KFF. 2014. “Health Home State Plan Option.” Retrieved May 20, 2014. Kenney, G. M., et al. 2013. “State and Local Coverage Changes Under Full Implementation of the Affordable Care Act.” Washington, DC: The Urban Institute ...

What We Do We Know About The Causes Of Autism? - Psychology - Essay

2432 words - 10 pages ... What do we know about the cause(s) of autistic spectrum disorder? Discuss. The DSM-5 defines autistic spectrum disorder (ASD) as a range of conditions classified as neurodevelopmental disorders (American Psychiatric Association, 2013). ASD encompasses autistic disorder, Asperger’s disorder, childhood disintegrative disorder and pervasive developmental disorder-not otherwise specified; suggesting that these previously separate disorders are a ...

Strategic Leadership

3463 words - 14 pages ... , India with a high degree of financial integration have experienced higher economic growth.2.3 Negative influencesThe consensus view among economists on the issue of the global integration of financial markets was quite positive a few years ago. However, after experiencing crises in Latin America and Asia, which lead to some arguments that the costs of complete liberalization of financial markets for emerging countries may outweigh the benefits. The ...

Jim Crow And The Criminal Justice System - Afro-american Studies 236 - Research Paper

2899 words - 12 pages ... police officers at high rates as well. The high rates of incarceration and police shootings lead people to believe that black people are more likely to commit crimes than white people, when that is not always the case. The system has created a public consensus image of criminals as being black males, and people cannot help acting along subconscious biases. Because of this, white people are blinded by the negative stereotypes associated with black ...

History Definitions Ranging From Letters A All The Way To Z. This Will Surely Help Those In Need - 12th Us Govn. - Research Paper

4757 words - 20 pages ... -agricultural region, Midwest-industrial region, urban -industrial regions Compromise of 1850 – had four parts– first, California was allowed to enter the Union as a free state; second, the rest of the Mexican Cession was divided into the territories of New Mexico and Utah (in each territory, voters would decide the slavery question according to popular sovereignty); third, the slave trade was ended in Washington, D.C., the nation’s capitol ...

Literary Analysis - Hills Like White Elephants - WR 303 - Literary Analysis

1555 words - 7 pages ... 1 Madison Evans Jake Sauvageau WR 303 Literary Analysis 8/30/18 Ernest Hemingway’s Hills like White Elephants The short story Hills like White Elephants by Ernest Hemingway is a story about a man and woman who are sitting at a bar at a small train station somewhere in Spain. They seem to be having a heated conversation about a mysterious “operation”. The author never explicitly says what the issue is between the man and woman, but it can be ...

An Analysis Of Walter Freeman, Father Of The Lobotomy - NKU HNR 151H - Essay

1433 words - 6 pages ... the medical laboratories at St. Elizabeth's Hospital in Washington, D.C. St. Elizabeth's was the first federal psychiatric facility in the nation and was one of the largest psychiatric hospitals in the world. The hospital employed almost four thousand staff members and housed around seven thousand patients. Freeman's role did not include engaging with the patients on a personal level, and he described his initial reaction upon meeting them as a ...

Lost Treasure, A Story About A Psychopathic Father - Amity College 11BB - Creative Story

1130 words - 5 pages ... Lost Treasure When I was a child, my late father and I would spend every moment of the summer season on the sparkling white sand of the beach near our home. We would dance, kicking up the shiny surface so that the droplets glimmered like diamonds in the sunlight. We would lie on our backs and stare at the sky, until the swirling clouds began to take on our imaginative shapes mingled together by our fantastical minds. We would grip imaginary ...