Journal of Economic Perspectives
ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)
Some Thoughts on the Washington Consensus and Subsequent Global Development Experience
Journal of Economic Perspectives
vol. 35,
no. 3, Summer 2021
(pp. 67–82)
(Complimentary)
Abstract
This paper discusses the Washington Consensus, its origins, and its insights in terms of subsequent development experience in a broad range of countries. I continue to find that when properly interpreted as a guide to the formulation of country-specific development strategies, the Washington Consensus has withstood the test of time quite well. In my view, subsequent experience, especially in Asia, reveals a number of places where a shift in emphasis would be warranted. Finally, I try to identify some misuses of the Washington Consensus and suggest that it was vulnerable to misuse due to the absence of an accompanying and explicit development model.Citation
Spence, Michael. 2021. "Some Thoughts on the Washington Consensus and Subsequent Global Development Experience." Journal of Economic Perspectives 35 (3): 67–82. DOI: 10.1257/jep.35.3.67Additional Materials
JEL Classification
- E32 Business Fluctuations; Cycles
- F32 Current Account Adjustment; Short-term Capital Movements
- F33 International Monetary Arrangements and Institutions
- F34 International Lending and Debt Problems
- H63 National Debt; Debt Management; Sovereign Debt
- O19 International Linkages to Development; Role of International Organizations
- O47 Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence