Yet, the way these countries interpreted such ideas varied substantially, and how they chose to implement them did even more so. Williamson born june 7, 1937, hereford, england is a britishborn economist who coined the term washington consensus. Africa and the washington consensus finding the right path. John williamson pointed this out in his 2002 speech. The washington consensus was formed, in 1989, by john williamson to. The original version my original paper williamson 1990 argued that the set of policy reforms that most of official washington diought would be good for latin american countries could. The washington consensus as policy prescription for development. The original policies of privatization and deregulation have been merged as a new. Finding the right path, finance and development, september. During the past two decades of its existence, the consensus survived several major crises that appeared to disconfirm the economics on which it was based. Each is discussed in turn washington consensus policies.
In 1989, economist john williamson coined the term washington consensus. A short history of the washington consensus 14 john williamson 3. This doubtless made it easier for some to interpret the washington consensus as a policy manifesto that its adherents supposedly believed to be valid for all places and at all times which takes us on to consider the alternative. 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. Senior fellow, institute for international economics. What should the world bank think about the washington consensus. Washington consensus, economic development, postwashington. Washington consensus world bank documents world bank group. Finally, the williamson argument focuses on price as the sole locus of competitive interaction among the. Microeconomics 1991 centrated range, between 1,000 and 1,800, there is a virtual safe harbor for mergers that change the hhi by less than 100, and otherwise. 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 ideas derived from the washington consensus had a huge influence on the economic reforms of many countries. The articles that make up this special issue examine the washington consensus as a policy paradigm whose boundaries shifted over time and place. The washington consensus, so named to underscore its american origin, espouses private property rights, economic opening, financial reforms, macroeconomic stability, and political liberalization to promote economic growth.
The merger doctrine provides a benefit to criminal defendants by merging the related charges into one criminal conviction rather than a conviction for multiple counts or crimes. The articles of merger may specify a delayed effective time and date in accordance with rcw 23. The ten commandments of the washington consensus balance. Democracy and the washington consensus john williamson institute for international economics, washington, dc summary. The washington consensus as policy prescription for. The ten commandments of the washington consensus 1. John williamson the strange history of the washington consensus abstract. That the nigerian economy is in tatters is merely stating the obvious. The term was first used in 1989 by english economist john williamson. It is hard to overemphasize the practical and ideological importance of the washington consensus in latin america. He served as a senior fellow at the peterson institute for international economics from 1981 until his retirement in 2012. While this usually results in the more serious offense being the last one standing rather than the minor offenses, the defendant benefits from the doctrine by only.
Institute for international economics it is difficult even for the creator of the term to deny that the phrase washington consensus is. Recently williamson 2004 has argued that the washington consensus of 1989 was a sensible though incomplete reform agenda. The author is indebted to colleagues at the institute for international economics for comments on a previous. Merger analysis, industrial organization theory, and. 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. This was in the context of a region where almost all the countries had run large deficits that led to balance of payments crises and high inflation that hit mainly the poor because the rich could park their money abroad. Mexico, an example of the antidevelopment policies of the. Undoubtedly, john williamson is famous for pioneering the phrase. Of course, development was the main objective of the. Even though williamson outlined 10 original reforms, this paper disaggregates several policies to identify the 19 policies that are. The change in ownership of ypf was part of an extensive reform package, not unlike recent events, yet ideologically quite the opposite.
This means that developing countries should take steps to reduce fiscal deficit through curtailing government expenditure by drastically explicit and implicit subsidies provided by the government of developing countries. It was a response to the latin america debt crisis, but later became a universal policy handbook for countries experiencing economic instability or. Pdf the term washington consensus, as williamson conceived it. After a plan of merger is approved by each party to the merger, the surviving business trust or other surviving business entity shall file with the commission articles of merger executed by each party to the merger setting forth. To view the pdf you will need acrobat reader, which may be downloaded from the adobe site. Williamson used the term to summarize commonly shared themes among policy advice by washington based institutions at the time. Washington consensus and what i name the amended washington consensus identifying in this way the updated versions of the consensus. From the washington consensus towards a new global governance 3 narcis serra, shari spiegel, and joseph e. Pdf from the after to the amended washington consensus.
Economic fluctuations and growth program, international finance and macroeconomics program, international trade and investment program. The williamson tradeoff when the premerger price exceeds marginal cost. The term washington consensus, as williamson conceived it, was the lowest common denominator of the reforms that he judged washington could agree were required in latin america. The first stage in answering these questions is a careful examination of the semantic issues involved. The washington consensus as policy prescription for development john williamson senior fellow, institute for international economics a lecture in the series practitioners of development delivered at the world bank on january, 2004. Washington consensus is a document presented in 1989 by james williamson fellow at the peter g. What should the world bank think about the washington. Growth, openness, and the great liberalization, 1970s2000s antoni estevadeordal, alan m.
A short history of the washington consensus smu scholar. The beijing consensus is ideologically neutral and flexible, in contrast to the doctrinal. The term washington consensus was coined by john williamson. The decalogue of consensus policies laid out by john williamson in his 1989 landmark paper became in the minds of advocates and pundits alike a manifesto for capitalist economic development. Washington consensus policies washington consensus policies are drawn from the 10 original macroeconomic policies outlined by williamson 1990, 1993, 2000 and are provided in table 2. Since 2007, gcaptain has proven to be a highly effective platform for information sharing and a. Peterson institute for international economics formerly. John williamson is senior fellow at the peterson institute for international. Merger analysis, industrial organization theory, and merger. The term washington consensus was originally used to describe a list often reforms that i argued were practically universally agreed in washington to be desirable in most latin american countries as of 1989. The washington consensus as i originally formulated it was not written as a policy prescription for development.
This paper argues that there is a substantial body of economic advice, roughly summarized in the washington consensus, that deserves to be endorsed across the political spectrum. He was referring to a set of policy expectations about latin american economic decisions that were shared by leaders in the united states government and the international financial institutions. The decalogue of consensus policies laid out by john williamson in his 1989. The term washington consensus, as williamson conceived it, was the lowest. Antitrust policy toward horizontal mergers 2375 figure 36. Washington consensus harvards growth lab harvard university. John williamson, the washington consensus, 1990 in the essay excerpted here, the economist john williamson coined term washington consensus. John williamson bio, facts, family famous birthdays.
Washington consensus 2 the term washington consensus comes from a simple set of ten recommendations identified by economist john williamson in 1989. The evolution of the antiwashington consensus debate. Given their critical role in development, national states have to strengthen their over all capacity, including in public administration for domestic. John williamson, the washington consensus, 1990 in the. Let us list below the various elements of washington consensus. Like most latin american countries, mexico adopted the washington consensus policies in the 1990s. This article analyzes the birth, evolution, implications, and controversy surrounding williamsons decalogue from a latin american standpoint.
The phrase washington consensus has become a familiar term in development policy circles in recent years, but it is now used in several different senses, causing a great deal of confusion. As a result, we can move away from the original washington consensus and follow the evolution of the set of policies in order to offer an effective alternative. The term washington consensus, as williamson the father of the term. Sep 19, 2017 williamsons the washington consensus initial agenda, the life cycle and the global spread of this term and its meanings during the last three decades, and williamsons 2004 paper itself in which he tried to retrospectively reposition himself are an interesting and rich example of sociology of economics.
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