The Rise of New Institutional Economics and Assessment its Contributions to the Post Washington Consensus

Bahruz Babayev

MPRA Paper from University Library of Munich, Germany

Abstract: The main objective of this article is to describe the rise of New Institutional Economics (NIE) and assess its contributions to the Post Washington Consensus (PWC). This paper argues that the rise of the NIE has provided theoretical ideas for the PWC, but it is still debatable how the contributions of the NIE are effective to tackle development challenges. However, these contributions can still be considered important in the development thinking and their accurate application and implementation in various traditional societies can have long term development impact.

Keywords: Post Washington Consensus; New Institutional Economics; institutions; World Bank; International Monetary Fund; Consensus. (search for similar items in EconPapers)
JEL-codes: B00 B52 (search for similar items in EconPapers)
Date: 2015, Revised 2015
New Economics Papers: this item is included in nep-hme and nep-hpe
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Published in The Journal of Economic Sciences: Theory and Practice 2.72(2015): pp. 87-97

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:73232

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