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Washington Consensus Very Good overview in 12 minutes BE SURE TO WATCH THIS https://www.youtube.com/watch?v=X_uuIGfm-Wo Basic Definition • The Washington Consensus is a set of 10 economic policy prescriptions considered to constitute the "standard" reform package promoted for crisis-wracked developing countries by Washington, D.C.–based institutions such as the International Monetary Fund (IMF), World Bank, and the US 2008 Treasury Department. Williamson’s 10 points 1. 2. Fiscal discipline A redirection of public expenditure priorities toward fields offering both high economic returns and the potential to improve income distribution, such as primary health care, primary education, and infrastructure 3. Tax reform (to lower marginal rates and broaden the tax base) 4. Interest rate liberalization 5. A competitive exchange rate 6. Trade liberalization 7. Liberalization of inflows of foreign direct investment 8. Privatization 9. Deregulation (to abolish barriers to entry and exit) 10. Secure property rights Summarized as • • • • Macro economic stability (pt. 1,2,3,4) Floating Exchange rates (pt. 5) Free trade (pt. 6 & 7) Free Markets (pt. 8,9,10) From Tejvan Pettinger, 2013 Does it work??? • On inspection, there appears nothing wrong with these wonderful tenets. • However, this is just on the surface, but if you take a peek under the hood and ask questions and investigate - you will realize that it very much depends on how these tenets are interpreted and applied. • These so-called tenets were incorporated very quickly much to the glee of the US Treasury and without any voting or "consensus" at all - into other US economic agency tentacles such as the WTO, IMF and World Bank. And these tenets were not just simple mission statements - suddenly they had become the rules. Read more: http://www.digitaljournal.com/article/266389#ixzz3xKkFBu9b Williamson Defends against NeoLiberals • It is often used interchangeably with the phrase “neoliberal policies.” • Williamson’s response “I of course never intended my term to imply policies like capital account liberalization...monetarism, supplyside economics, or a minimal state (getting the state out of welfare provision and income redistribution)” Three Issues 1. Not an ideology, need also to avoid crises 2. Incomplete or Neglected: Need to fully address things continuously first and second generation 3. Too narrow – need to concentrate more on poverty reduction and distribution & less on just higher GDP Little broader review of Washington Consensus Op-Ed: The Washington Consensus: Sharks Feasting By Bill Jencks Feb 5, 2009 in World On inspection, there appears nothing wrong with these wonderful tenets. However, this is just on the surface, but if you take a peek under the hood and ask questions and investigate - you will realize that it very much depends on how these tenets are interpreted and applied. Readmore: http://www.digitaljournal.com/article/266389#ixzz4WWVwd3zu Consensus 2.0??? Dani Rodrik argues that there now exists an “Augmented” Washington Consensus, which in addition to the items listed above, adds: 1. Corporate governance 2. Anti-corruption 3. Flexible labor markets 4. WTO agreements 5. Financial codes and standards 6. “Prudent” capital-account opening 7. Non-intermediate exchange rate regimes 8. Independent central banks/inflation targeting 9. Social safety nets 10. Targeted poverty reduction Leftist Critique in Kerala State of India http://nickthorkelson.com/neolibintro.html "The Comic Strip of Neoliberalism" is a series of informational comics which you can read by clicking here http://nickthorkelson.com/neolibintro.html Impacts??? Very Good overview in 12 minutes https://www.youtube.com/watch?v=X_uuIGfm-Wo INS 200 The Washington Consensus https://www.youtube.com/watch?v=zDNWC5SlSsc 20 MINUTES – PRETTY GOOD BUT NO IMAGES Good Audio Review of Washington Consensus but quite long https://www.youtube.com/watch?v=zOCUraWzf2Y The opposition • I thought these US agencies were meant to help under-developed countries? So how come China and India have done so well and so quickly virtually on their own? • There is only one answer to this. BILL JENCKS FEB 5, 2009 Read more: http://www.digitaljournal.com/article/266389#ixzz4WWXSaL8t