From Washington to Post-Washington Consensus: A Global Analysis

Type :

Presentation

Pages :

9 pages

Format :

.doc

Published date :

01/15/2009

Category :

Economics & finance

Sub category :

Economics

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Summary :

Introduction.
The implementation of the Washington consensus.
1. Structuralism: After WWII.
2. The alternative: The Washington consensus.
3. A second chance: The Post-Washington consensus.
A global overview of the reforms.
1. The Russian transition.
2. India, China and Southeast Asia.
3. The causes of failure in Latin America.
4. The Mexican case: An example of the Washington process.
Conclusion.
Sources.

Abstract

During the 90s the washington consensus was the most popular economic framework used not only by Latin America but by countries all around the world. As Naim (2000) expresses, the term washington consensus soon acquired a life of its own, becoming a brand name known worldwide and used independently from its original intent and even of its content. The popularity of this economic framework came with the need for new economic alternatives after the collapse of the Soviet system. This work revises the implementation and results of the washington consensus. The first part of this paper will explain the origins and objectives of the framework as an alternative to previous failed methods as was the case of structuralism at the end of the 80s in Latin America. We will also describe the critics and problems which led to the creation of the post-washington consensus. The second part of our work will give a global economic overview mentioning cases that handled the recommendations of the washington consensus in different ways and also a case that shows the correlation between economic changes and political stability.The second half of the XX century starts a new plan in economics for developed and developing countries. The creation of the Bretton Woods Institutions, the newly acquired independence of several countries and the modernization of political and economic systems in developing countries were all factors that allowed new economic theories to come into place.