The Washington Consensus:A Critical Evaluation of the Principles and Implications for Economic Development

Imad A Moosa
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Imad A Moosa: Ton Duc Thang University, Vietnam

in World Scientific Books from World Scientific Publishing Co. Pte. Ltd.

Abstract: The objective of the book is to evaluate critically the ten principles of the Washington Consensus, which govern the conditionality provisions of the IMF and World Bank, and guide the so-called economic reform in developing countries. The book starts with an overview of the Consensus, followed by a chapter on IMF conditionality and how they are related. Since the Consensus is inherently neoliberal, a chapter is devoted to a critique of the free market doctrine and the concept of economic freedom as seen by free marketeers. The ten principles of the Washington Consensus (referred to as the "ten commandments") are divided into four groups: fiscal reform, interest and exchange rate policies, liberalization of trade and foreign direct investment, and privatization and deregulation (including property rights).

Keywords: Washington Consensus; Globalization; Free Market Doctrine; Economic Freedom; Fiscal Discipline; Fiscal Reform; Tax; Reform; Interest Rate Policy; Exchange Rate Policy; Free Trade; Foreign Direct Investment; Privatization; Deregulation; Property Rights (search for similar items in EconPapers)
JEL-codes: F3 F5 F63 O1 (search for similar items in EconPapers)
Date: 2021
ISBN: 9789811236402
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https://www.worldscientific.com/worldscibooks/10.1142/12260 (text/html)
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Chapters in this book:

Ch 1 The Washington Consensus: An Overview , pp 1-26

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Ch 2 The Washington Consensus and IMF Conditionality , pp 27-51

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Ch 3 The Free Market Doctrine and Economic Freedom , pp 53-89

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Ch 4 The First Commandment: Fiscal Discipline , pp 91-110

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Ch 5 The Second Commandment: Redirection of Public Spending , pp 111-125

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Ch 6 The Third Commandment: Tax Reform , pp 127-140

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Ch 7 The Fourth Commandment: Interest Rate Policy , pp 141-163

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Ch 8 The Fifth Commandment: Exchange Rate Policy , pp 165-194

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Ch 9 The Sixth Commandment: Liberalization of Trade , pp 195-219

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Ch 10 The Seventh Commandment: Liberalization of Foreign Direct Investment , pp 221-235

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Ch 11 The Eighth Commandment: Privatization , pp 237-257

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Ch 12 The Ninth Commandment: Deregulation , pp 259-281

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Ch 13 The Tenth Commandment: Property Rights , pp 283-295

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Ch 14 Epilogue , pp 297-310

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