Reclaiming development from the Washington consensus

Ha-Joon Chang and Ilene Grabel

Journal of Post Keynesian Economics, 2004, vol. 27, issue 2, 273-291

Abstract: This paper summarizes our new book, Reclaiming Development: An Alternative Economic Policy Manual (Chang and Grabel, 2004). It begins from the premise that the view that there is no alternative to neoliberal economic policies in developing countries is fundamentally and dangerously incorrect. The "no alternative" dictum has commonly been associated with popularizations (and arguably, misinterpretations) of Williamson's original statement of the "Washington Consensus." We demonstrate that feasible alternatives to neo-liberal policies exist that can promote rapid economic development that is equitable, stable, and sustainable. Some of these are proposals for strategies not yet adopted. But many others have already proven their worth in practice across the globe. We offer them in order to shatter the idea that there is no alternative, and to contribute to the vigorous campaign now underway across the globe to "reclaim development" from the neoliberal orthodoxy.

Date: 2004
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DOI: 10.1080/01603477.2004.11051434

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