Williamson used the term to summarize commonly shared themes among policy advice by washingtonbased institutions at the time. Democracy and the washington consensus author links open overlay panel john williamson. Short history of the washington consensus 1 oxford scholarship. The concept was presumably offensive to those who resisted the advance of the market economy, but this was an extinct breed in washington by. My impression is that the institution of private property was somewhat more. In 1989, economist john williamson coined the term washington consensus.
Once the government dealt with these issuesessentially, once the government got out of the wayprivate markets would allocate resources efficiently and generate robust growth. Such endorsement would still leave a series of major economic issues, most notably the tradeoff between efficiency and equity, to be determined by the outcome of. Short history of the washington consensus 1 oxford. Salariazo y revolucion productiva alianzas con agentes economicos. Codified in john williamson s 1990 wellknown washington consensus, this advice inspired a wave of reforms in latin america and subsaharan africa which fundamentally transformed the policy landscape in these developing areas. A short history of the washington consensus 14 john williamson 3. The washington consensus is a set of ten economic policy prescriptions considered to constitute the standard reform package promoted for crisiswracked developing countries by washington, d. The ten commandments of the washington consensus balance. The ten commandments of the washington consensus 1.
The ideas were intended to help developing countries that faced economic crises. G w c h w c dani rodrik harvard university january 2006. This article analyzes the birth, evolution, implications, and controversy surrounding williamson s decalogue from a latin american standpoint. Of course, development was the main objective of the. Washington consensus, a set of economic policy recommendations for developing countries, and latin america in particular, that became popular during the 1980s. Apr 30, 2018 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 proof of the preceding statement is that one could very easily compile williamson s ten recommendations from the works of balassa 1982, bhagwati 1978, edwards 1989, krueger 1978, lal 1985, lin 1989, and sachs 1985. Democracy and the washington consensus sciencedirect. A short history of the washington consensus john williamson senior fellow, institute for international economics paper commissioned by fundacion cidob for a conference from the washington consensus towards a new global governance, barcelona, september 2425, 2004. The term washington consensus usually refers to the level of agreement between the international monetary fund imf, world bank, and u. 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.
Ten policies covering the areas of macroeconomic discipline, microeconomic liberalization, and opening up the economy globalization were asserted to be widely. Recibe este nombre porque fue definido en washington. Stabilization, reform, financial markets, macroeconomic policy, government, history of economic thought, institutions, latin america, caribbean. The concept was presumably offensive to those who resisted the advance of the market economy, but this was an extinct breed in washington by 1989 if, indeed, it had ever existed. A british economist named john williamson coined the term washington consensus in 1989. This chapter traces the origin of the term washington consensus to a paper written for a conference in 1989 that aimed to explore how the set of ideas accepted as a basis for policy in developing countries had changed. The ten commandments of the washington consensus balance of. Theresa williamson, john williamson s daughter, is a city planner and founding. The concept and name of the washington consensus were first presented in 1989 by john williamson, an economist from the institute for international economics, an international economic think tank based in washington, d.
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