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The Rise of New Institutional Economics and Assessment its Contributions to the Post Washington Consensus

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  • Babayev, Bahruz

Abstract

The main objective of this article is to describe the rise of New Institutional Economics (NIE) and assess its contributions to the Post Washington Consensus (PWC). This paper argues that the rise of the NIE has provided theoretical ideas for the PWC, but it is still debatable how the contributions of the NIE are effective to tackle development challenges. However, these contributions can still be considered important in the development thinking and their accurate application and implementation in various traditional societies can have long term development impact.

Suggested Citation

  • Babayev, Bahruz, 2015. "The Rise of New Institutional Economics and Assessment its Contributions to the Post Washington Consensus," MPRA Paper 73232, University Library of Munich, Germany, revised 2015.
    • Handle: RePEc:pra:mprapa:73232
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    References listed on IDEAS

    as
    1. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
    2. Williamson, John, 1993. "Democracy and the "Washington consensus"," World Development, Elsevier, vol. 21(8), pages 1329-1336, August.
    3. Joseph E. Stiglitz, 1999. "More instruments and broader goals: moving toward the Post-Washington Consensus," Brazilian Journal of Political Economy, Center of Political Economy, vol. 19(1), pages 101-128.
    4. Hermes, Niels & Salverda, Wiemer & Hoen, Herman. W. & Ahrens, Joachim, 1999. "State, society and development : lessons for Africa?," CDS Research Reports 199907, University of Groningen, Centre for Development Studies (CDS).
    5. Bardhan, Pranab, 1989. "The new institutional economics and development theory: A brief critical assessment," World Development, Elsevier, vol. 17(9), pages 1389-1395, September.
    6. Stewart, Frances, 1991. "The many faces of adjustment," World Development, Elsevier, vol. 19(12), pages 1847-1864, December.
    7. Rodrik, Dani, 1990. "How should structural adjustment programs be designed?," World Development, Elsevier, vol. 18(7), pages 933-947, July.
    8. World Bank, 2012. "World Development Report 2012 [Rapport sur le développement dans le monde 2012]," World Bank Publications - Books, The World Bank Group, number 4391.
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    More about this item

    Keywords

    Post Washington Consensus; New Institutional Economics; institutions; World Bank; International Monetary Fund; Consensus.;
    All these keywords.

    JEL classification:

    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;

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