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Neo-liberalism and East Asia: Resisting the Washington Consensus

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  • Mark Beeson
  • Iyanatul Islam

Abstract

This article examines current debates over the future direction of the reform agenda in post-crisis East Asia and sets them in the broader context of the global debate on the role of ideas and ideology in shaping economic policy-making. It argues that the contest of ideas in economic policy-making can evolve independently of their intellectual merit and empirical credibility and political interests play an important role. In the case of post-crisis East Asia, re-igniting the 'economic miracle' of the pre-crisis era does not stem from a politically neutral, dispassionate and intellectually rigorous analysis of what went wrong in the recession-inducing 1997 financial crisis that engulfed the region. It represents an attempt to reinvent orthodoxy in the domain of economic ideas and ideology by the global policy community that is in turn influenced by US-centric institutions.

Suggested Citation

  • Mark Beeson & Iyanatul Islam, 2005. "Neo-liberalism and East Asia: Resisting the Washington Consensus," Journal of Development Studies, Taylor & Francis Journals, vol. 41(2), pages 197-219.
    • Handle: RePEc:taf:jdevst:v:41:y:2005:i:2:p:197-219
    DOI: 10.1080/0022038042000309214
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    Cited by:

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    3. Hussain, Mushahid, 2013. "Migrants’ Remittances and State Behaviour in the Neoliberal Era," EY International Congress on Economics I (EYC2013), October 24-25, 2013, Ankara, Turkey 227, Ekonomik Yaklasim Association.
    4. Carson, Matthew., 2010. "Guiding structural change : the role of government in development," ILO Working Papers 994550973402676, International Labour Organization.
    5. David L. Ellison, 2005. "Competitiveness strategies, resource struggles and national interest in the new Europe," IWE Working Papers 159, Institute for World Economics - Centre for Economic and Regional Studies.
    6. Mark Beeson, 2018. "Asia’s leadership deficit and regional crises," Asia Europe Journal, Springer, vol. 16(2), pages 141-154, June.
    7. Peter Howard-Jones & Jens Hölscher, 2020. "The Influence Of The Washington Consensus Programme On The Transitional Economies Of Eastern Europe – A Firm-Level Analysis," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 65(226), pages 9-44, July – Se.
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