Some Thoughts on the Washington Consensus and Subsequent Global Development Experience

A. Spence

Journal of Economic Perspectives, 2021, vol. 35, issue 3, 67-82

Abstract: This paper discusses the Washington Consensus, its origins, and its insights in terms of subsequent development experience in a broad range of countries. I continue to find that when properly interpreted as a guide to the formulation of country-specific development strategies, the Washington Consensus has withstood the test of time quite well. In my view, subsequent experience, especially in Asia, reveals a number of places where a shift in emphasis would be warranted. Finally, I try to identify some misuses of the Washington Consensus and suggest that it was vulnerable to misuse due to the absence of an accompanying and explicit development model.

JEL-codes: E32 F32 F33 F34 H63 O19 O47 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (9)

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DOI: 10.1257/jep.35.3.67

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