Post Washington Consensus Consensus Essay Example | Topics and Well Written Essays - 1500 words

Post Washington Consensus Consensus - Essay Exampleprimary health care, primary education, and infrastructure task reform (to lower marginal rates and broaden the tax base)Interest rate repose a competitive exchange rate trade liberalization liberalization of inflows of foreign direct investment privatization deregulation (to abolish barriers to entry and exit) and secure property rights. This privatization order of business in pursuit of globularization has come under(a) criticism as (1) says, Some of the most vociferous of todays critics of what they call the Washington Consensus, most largely Joe Stiglitz... do non object so much to the agenda laid out above as to the neoliberalism that they interpret the term as implying. I of course never intended my term to imply policies like metropolis account liberalization...monetarism, supply-side economics, or a minimal state (getting the state out of welfare provision and income redistribution), which I think of as the quintessen tially neoliberal ideas. In festering literature it is examined and accepted that The Washington consensus emerged out of a kind of counter reaction in development economics (3) to what has been termed as rather operationally triple-crown neoliberal revolution against Keynesianism prescriptions of the 1970s.The Washington Consensus, materialized in large and specially built Structural Adjustment Programmes (SAPs) suggested for a substantial portion of the developing countries in the turn up years of 1980s and 1990s.It was the outcomes of these SAPs that were not along expected lines and which resulted in external criticism of The Washington Consensus itself. Joseph Stiglitz a World Bank Economist was the most prominent insider to offer criticism of the neoliberalism inherent in The Washington Consensus and the body of criticism is now termed as post Washington consensus consensus (4) in the sense that it agrees on drawbacks and swooning points of the consensus. This paper examin es the critical body of arguments posed in this new consensus.2.Post Washington Consensus Consensus (5) exemplify in detail the various outcomes of the SAPs, establish on The Washington Consensus, which not fell short of mark in their prime objective of achieving economic growth through market deregulation but also created other fatigued spots.Amin states that SAPs resulted in , a sharp increase in unemployment, a fall in theremuneration of work, an increase in food dependency, a grave disability of theenvironment, a deterioration in healthcare systems, a fall in admissions to educationalinstitutions, a decline in the productive capacity of many nations, the countervail of democratic systems, and the continued growth of external debt. This made Stiglitz look out for an intellectual alternative t economic growth model. An alternative which was not based on sole emphasis on deregulations of all categories of markets to attain economic growth targets. Stiglitz writes about a new par adigm for economic development (6).This idea of anew consensus arrived from Stiglitz when global development financial institutions had undergone a major policy shift after having witnessed the Asian crisis and analyzed its reasons that were traced to deregulated