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Rethinking the principles of the Washington Consensus

In: The Economics of COVID-19

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Abstract

The Washington Consensus is a set of ten principles and policy recommendations inspired by neoclassical economics and preached by the international financial institutions based in Washington DC (primarily, the IMF and the World Bank, which are effectively controlled and run by the US Treasury). In this chapter, the policy recommendations of the Consensus that have been highlighted by the pandemic are evaluated critically. These include the first principle of fiscal discipline, the second principle of redirecting public spending, the third principle of tax reform, and the principles pertaining to privatisation, deregulation and intellectual property rights. It is concluded that the pandemic will give further boost to the Beijing Consensus at the expense of the Washington Consensus.

Suggested Citation

  • ., 2021. "Rethinking the principles of the Washington Consensus," Chapters, in: The Economics of COVID-19, chapter 7, pages 131-148, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20266_7
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