The Washington Consensus: Assessing a Damaged Brand

43 Pages Posted: 20 Apr 2016

See all articles by Nancy Birdsall

Nancy Birdsall

Center for Global Development

Augusto de la Torre

Columbia University, SIPA; UDLA, Centro de Investigaciones Económicas

Felipe Valencia Caicedo

Vancouver School of Economics

Multiple version iconThere are 3 versions of this paper

Date Written: May 1, 2010

Abstract

The authors analyze the Washington Consensus, which at its original formulation reflected views not only from Washington, but also from Latin America. Tracing the life of the Consensus from a Latin American perspective in terms of evolving economic development paradigms, they document the extensive implementation of Consensus-style reforms in the region as well as the mismatch between reformers? expectations and actual outcomes, in terms of growth, poverty reduction, and inequality. They present an assessment of what went wrong with the Washington Consensus-style reform agenda, using a taxonomy of views that put the blame, alternatively, on (i) shortfalls in the implementation of reforms combined with impatience regarding their expected effects; (ii) fundamental flaws?in either the design, sequencing, or basic premises of the reform agenda; and (iii) incompleteness of the agenda that left out crucial reform needs, such as volatility, technological innovation, institutional change and inequality.

Keywords: Debt Markets, Emerging Markets, Economic Theory & Research, Achieving Shared Growth, Access to Finance

Suggested Citation

Birdsall, Nancy and de la Torre, Augusto and Valencia Caicedo, Felipe, The Washington Consensus: Assessing a Damaged Brand (May 1, 2010). World Bank Policy Research Working Paper No. 5316. Available at SSRN: https://ssrn.com/abstract=1615307

Nancy Birdsall (Contact Author)

Center for Global Development ( email )

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Augusto De la Torre

Columbia University, SIPA ( email )

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UDLA, Centro de Investigaciones Económicas ( email )

De los Granados y De los Colimes, Esquina
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Felipe Valencia Caicedo

Vancouver School of Economics ( email )

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Canada

HOME PAGE: http://https://economics.ubc.ca/faculty-and-staff/felipe-valencia-caicedo/

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