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Beyond the Washington consensus: what do we mean?

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  • JOSÉ ANTONIO OCAMPO

Abstract

This paper underscores the need to overcome the fundamental problems of the "Washington Consensus" that have not been entirely solved in its recent reformulations calling for a "second generation of reforms." Such problems are its narrow view of macroeconomic stability; its disregard for the role that policy interventions in the productive sector can play in inducing investment and accelerating growth; its tendency to subordinate social policies to economic policies; and, finally, its tendency to forget that it is citizens who should choose what economic and social institutions they prefer. The examination of the frustrating experience of Latin America under structural reforms provides the empirical backdrop for the analysis.

Suggested Citation

  • José Antonio Ocampo, 2004. "Beyond the Washington consensus: what do we mean?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 27(2), pages 293-314.
    • Handle: RePEc:mes:postke:v:27:y:2004:i:2:p:293-314
    DOI: 10.1080/01603477.2004.11051441
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    Cited by:

    1. Cedrini Mario, 2007. "Consensus vs. freedom of consensus upon freedom? From Washington disorder to the rediscovery of Keynes," CESMEP Working Papers 200708, University of Turin.
    2. Singh, Nirvikar, 2006. "Services-led industrialization in India: Assessment and lessons," MPRA Paper 1276, University Library of Munich, Germany.
    3. Carabelli, Anna M. & Cedrini, Mario, 2013. "Globalization and Keynes’s Ideal of a “Sounder Political Economy between all Nations," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201349, University of Turin.
    4. McCleery, Robert K. & De Paolis, Fernando, 2008. "The Washington Consensus: A post-mortem," Journal of Asian Economics, Elsevier, vol. 19(5-6), pages 438-446.
    5. Helen Shapiro, 2007. "Industrial Policy and Growth," Working Papers 53, United Nations, Department of Economics and Social Affairs.

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