The Post Keynesian retort to "After the Washington Consensus"

John Marangos

Journal of Post Keynesian Economics, 2012, vol. 34, issue 4, 583-610

Abstract: The term "Washington Consensus," as John Williamson, the father of the term conceived it, in 1989, was a set of reforms for economic development that he judged the international financial organizations could agree were required in Latin America. Meanwhile, the Washington Consensus received a vast amount of criticism. The policy set was modified, by 2003, to the point that Williamson substituted the original name with a new label "after the Washington Consensus." The "after the Washington Consensus" designated a "new" set of policy reforms for Latin America and developing countries. The aim of this paper is to compare the two sets of controversial policies, the "Washington Consensus" and "after the Washington Consensus," and offer an alternative based on the Post Keynesian framework.

Date: 2012
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DOI: 10.2753/PKE0160-3477340402

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