THE EVOLUTION OF THE TERM 'WASHINGTON CONSENSUS'

John Marangos ()

Journal of Economic Surveys, 2009, vol. 23, issue 2, pages 350-384

Abstract: The term 'Washington Consensus', as Williamson conceived it, was the lowest common denominator of the reforms that he judged 'Washington' could agree were required in Latin America. The term has evolved to denote a different set of policies from those initially conceived. This paper investigates the different versions and interpretations of this controversial term and assesses whether the term itself is suitable and viable or slowly becoming irrelevant and obsolete. Most importantly, the evolution of the term mirrors the evolution of economic thought on economic development for nearly the last two decades. Copyright © 2009 The Author. Journal compilation © 2009 Blackwell Publishing Ltd.

Date: 2009

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