Three Pillars of Conventional Wisdom

Rod Cross and Douglas Strachan

Review of Political Economy, 2001, vol. 13, issue 2, 181-200

Abstract: This paper considers three pillars of contemporary economic wisdom that form part of the so-called 'Washington consensus': that free markets work best; that price stability is a good thing; and that deregulated financial markets work best. We argue that these propositions apply in certain circumstances, but do not have general validity. After discussing the circumstances in which these propositions do not hold we suggest how the conventional policy wisdom should be revised.

Date: 2001
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DOI: 10.1080/09538250120036637

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