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Development paths: A case for public investment as the alternative to the Washington Consensus

Earta Lauka

No 108/2018, IPE Working Papers from Berlin School of Economics and Law, Institute for International Political Economy (IPE)

Abstract: This paper's aim is to provide a different standpoint in the development debate, by focusing on the short-sightedness of the international institutions when they propose a development agenda. Focusing on macroeconomic performance and on privatisation, they have found a solution in PPPs, which offer financing opportunities for public investment and at the same time they reduce the burden on governments budgets. As an alternative this paper proposes a model based on investment and self-dependency with combining elements from post- Keynesian theory as well as the Beijing Consensus. The model rests on the importance of SOEs to use industrial policy as a tool to achieve independence from western powers as well as to increase investment. The theoretical claims are supported by empirical analysis based on 98 developing countries over a 15 year period.

Keywords: development state; PPP; Washington Consensus; privatization; public investment; Beijing Consensus; SOEs (search for similar items in EconPapers)
JEL-codes: F14 F52 O21 O25 O38 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-pke
Date: 2018
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