Jul 19, 2017 the beijing consensus could become an alternative to angloamerican neoliberalism, presented by some in the west as a onesizefitall model for all developing countries. This was in the context of a region where almost all the countries had run large deficits that led to balance of payments crises and high inflation that hit mainly the poor because the rich could park their money abroad. The paradigmatic nature of the washington consensus is most clearly evident in the work of john williamson 1990,1993,1997, who coined the name and also set out a speci. However, a more comprehensive explanation as to why the washington consensus earned such a poor reputation is that williamson s theory, though fundamentally sound, fell into ill regard at the imf. By john williamson, senior fellow institute for international economics paper prepared as a background to the world banks world development report 2000 july 1999 the author is indebted to the participants in a prem week session where an early version of the. Fischer spoke on the topic of the washington consensus, a term coined by williamson. The ten commandments of the washington consensus 1.
This new agenda, though it promised to correct the flaws of the past, nevertheless maintained faith in the original set of reform policies. The term washington consensus was originally used to describe a list often reforms that i argued were practically universally agreed in washington to be desirable in most latin american countries as of 1989. Goodbye washington consensus, hello washington confusion. The term of washington consensus has been coined by in 1989 by john williamson to label list of ten policies that more or less everyone in washington would agree were needed more or less everywhere in latin america williamson, 2008, p. The term washington consensus, as williamson the father of the term conceived it, in 1989, was a set of reforms for economic development that he judged washington. John williamson is senior fellow at the peterson institute for international.
A short history of the washington consensus 14 john williamson 3. The ten commandments of the washington consensus balance of. The decalogue of consensus policies laid out by john williamson in his 1989 landmark. It is hard to overemphasize the practical and ideological importance of the washington consensus in latin america. This book brings together many leading international figures in development studies, such as jose antonio ocampo, paul krugman, dani rodrik, joseph stiglitz, daniel cohen, olivier blanchard, deepak nayyer, and john williamson to reconsider and propose alternative development policies to the washington consensus. The term washington consensus, as williamson conceived it, was the lowest common denominator of the reforms that he judged washington could agree were required in latin america. Undoubtedly, john williamson is famous for pioneering the phrase. He was referring to a set of policy expectations about latin american economic decisions that were shared by leaders in the united states government and the international financial institutions. Institute for international economics, washington, dc. A british economist named john williamson coined the term washington consensus in 1989. John williamson is best known for having coined the term washington consensus to describe conditions that washingtonbased institutions. This chapter traces the origin of the term washington consensus to a paper written for a conference in 1989 that aimed to explore how the set of ideas accepted as a basis for policy in developing countries had changed. However, there needs to be greater discrimination and less blanket implementation.
Pdf the term washington consensus, as williamson conceived it, was. Cornell economics professor ravi kanbur has pointed out that, it might be useful to start with the observation that the washington consensus. Despite the failings of the free market, there is still merit in considering each of the 10 principles. Untuk memahami seperti apa kebijakan yang diterapkan menurut washington consensus ini, akan lebih mudah bila kita melihat pada 10 butir kebijakan yang dirumuskan oleh john williamson. How can we better understand the ideology of washington. Most opponents of the washington consensus appear to have used the term in recent years to mean.
One article from the world bank based on the world development report 20032004 on improving service delivery to the poor, and a joint imfworld bank article on what needs to be done to accelerate progress toward the millennium. Menurut john williamson, seorang ekonom, yang ditulis oleh syafaruddin usman dan isnawita dalam neoliberalisme mengguncang indonesia, 10 butir kebijakan. Williamson used the term to summarize commonly shared themes among policy advice by washingtonbased institutions at the time. Articles on moving beyond the washington consensus and redrafting the reform agenda by john williamson, guillermo ortiz, and trevor a. Jika membahas tentang washington consensus, maka penting pula kita membahas tentang neoliberalisme. Washington consensus world bank documents world bank group. The record here is howlearning from reform summarizes the surprises of the 1990s. Teori ini lahir dari perpaduan beberapa teori kotemporer. From the washington consensus towards a new global governance 3 narcis serra, shari spiegel, and joseph e. The evolution of the antiwashington consensus debate. The paradigmatic nature of the washington consensus is most clearly evident in the work of john williamson, 1990, williamson, 1993, williamson, 1997, who coined the name and also set out a specific formulation of the approach at the end of the 1980s. This preface is brought to you for free and open access by the law journals at smu scholar. The washington consensus as policy prescription for. The washington consensus has diverged somewhat from the original intention of john williamson.
The term washington consensus was coined by john williamson. May 21, 2020 the washington consensus refers to a set of freemarket economic policies supported by prominent financial institutions such as the international monetary fund, the world bank, and the u. Washington consensus the term washington consensus was coined by john williamson 1990 to encapsulate the set of policy reforms advocated with a reasonable degree of consensus by international. Dec 22, 2017 the washington consensus has diverged somewhat from the original intention of john williamson. Senior fellow, institute for international economics. The author is indebted to colleagues at the institute for international economics for comments on a previous.
The ideas were intended to help developing countries that faced economic crises. When the british economist john williamson, who later worked for the world bank, first used the term washington consensus in 1989, he claimed that he was actually referring to a list of reforms that he felt key players in washington could all agree were needed in latin america. Washington consensus definition and criticism economics help. What should the world bank think about the washington consensus. This volume brings together many of the leading international figures in development studies, such as 2008 nobel prize in economics winner paul krugman, jose antonio ocampo, dani rodrik, joseph stiglitz, daniel cohen, olivier blanchard, deepak nayyer and john williamson to reconsider and propose alternative development policies to the washington consensus.
Washington consensus, a set of economic policy recommendations for developing countries, and latin america in particular, that became popular during the 1980s. In the essay excerpted here, the economist john williamson coined term washington consensus. The washington consensus is a set of ten economic policy prescriptions considered to. However, a more comprehensive explanation as to why the washington consensus earned such a poor reputation is that williamsons theory, though fundamentally sound, fell into ill regard at the imf.
Williamson, 2003 there is great uncertainty about its likely successor, often dubbed the postwashington consensus stiglitz, 1998. Israel, delivers the keynote address at a festschrift held in honor of john williamson at the peterson institute on november 1, 2012. Williamson born june 7, 1937, hereford, england is a britishborn economist who coined the term washington consensus. Dec 14, 2016 the concept and name of the washington consensus were first presented in 1989 by john williamson, an economist from the institute for international economics, an international economic think tank. Democracy and the washington consensus john williamson institute for international economics, washington, dc summary. The washington consensus was formed, in 1989, by john williamson to describe the consensus, initially for latin america and then for international development by international institutions in washington. John williamson the phrase washington consensus has become a familiar term in development policy circles in recent years, but it is now used in several different senses, causing a great deal of confusion. John williamson, the washington consensus, 1990 in the essay. In this article the author distinguishes between his.
Pdf the evolution of the term washington consensus john. The paper is intended to elicit comment on both the extent to which. The rise and fall of the washington consensus as a. Washington consensus 2 the term washington consensus comes from a simple set of ten recommendations identified by economist john williamson in 1989. The term washington consensus was initially coined in 1989 by john williamson to describe a set of ten specific economic policy prescriptions that he considered to constitute a standard reform package promoted for crisiswracked developing countries by washington d. In each case an attempt is made to suggest the breadth of the consensus, and in some cases i suggest ways in which i would wish to see the consensus view modified. The washington consensus prescriptions are too restrictive. To try and ensure that the papers addressed a common set. Finding the right path, finance and development, september. Theresa williamson, john williamson s daughter, is a city planner and founding. Sep 19, 2017 williamson s the washington consensus initial agenda, the life cycle and the global spread of this term and its meanings during the last three decades, and williamson s 2004 paper itself in which he tried to retrospectively reposition himself are an interesting and rich example of sociology of economics. What should the world bank think about the washington.
Democracy and the washington consensus sciencedirect. John williamson the strange history of the washington consensus abstract. In 1989, economist john williamson coined the term washington consensus. The decalogue of consensus policies laid out by john williamson in his 1989 landmark paper became in the minds of advocates and pundits alike a manifesto for capitalist economic development. The term was first used in 1989 by english economist john williamson. Washington consensus harvards growth lab harvard university. He was referring to a set of policy expectations about latin. The concept and name of the washington consensus were first presented in 1989 by john williamson, an economist from the institute for international economics, an international economic think tank based in washington, d. This paper argues that there is a substantial body of economic advice, roughly summarized in the washington consensus, that deserves to be endorsed across the political spectrum. First, there was an unexpectedly deep and prolonged collapse in output in countries mak. Covering a wide range of issues from macrostabilization to trade and the. Williamson 1990 to encapsulate the set of policy reforms advocated with a reasonable degree of con. Democracy and the washington consensus visionary values. Ten policies covering the areas of macroeconomic discipline, microeconomic liberalization, and opening up the economy globalization were asserted to be widely.
That neoliberal model, dubbed by john williamson as the washington consensus, turned out to be more harmful than helpful to the countries that received loans from the. A short history of the washington consensus john williamson senior fellow, institute for international economics paper commissioned by fundacion cidob for a conference from the washington consensus towards a new global governance, barcelona, september 2425, 2004. John williamson, the washington consensus, 1990 amazon s3. A keynesian alternative to the washington consensus policies. He served as a senior fellow at the peterson institute for international economics from 1981 until his retirement in 2012. John williamson, the washington consensus, 1990 in the essay excerpted here, the economist john williamson coined term washington consensus. They not only limited developing countries fiscal and policy space to deal with shocks and support structural change, but also. The washington consensus refers to a set of freemarket economic policies supported by prominent financial institutions such as the international monetary fund, the world bank, and the u. Pada dasarnya, neoliberalisme bukanlah suatu teori besar. Political implications the beijing consensus has two important political implications. This paper argues that there is a substantial body of economic advice, roughly summarized in the washington consensus, that deserves to. This emerging paradigm emphasises the need to move beyond the washington consensus burki and perry, 1998. John williamson, the washington consensus, 1990 in the. Short history of the washington consensus 1 oxford.
Short history of the washington consensus 1 oxford scholarship. The washington consensus as policy prescription for development john williamson senior fellow, institute for international economics a lecture in the series practitioners of development delivered at the world bank on january, 2004. John williamson, 1989 world foresight forum secure homelands for future generations. In 1989, john williamson, a fellow at the institute for international economics in washington, dc which previously advised the world bank and the international monetary fund, presented a background paper to a conference aimed to explore how extensive were the policy reforms that were then ongoing in latin america. The term washington consensus, as williamson the father of the term conceived it, in 1989, was a set of reforms for economic development that he judged washington could agree were required in l. The washington consensus versus the beijing consensus. Abstract the term washington consensus, as williamson conceived it, was the lowest common denominator of the reforms that he judged washingtoncould agree were required in latin america. Theresa williamson, john williamsons daughter, is a city planner and founding. Washington can muster a reasonable degree of consensus. The washington consensus as policy prescription for development. The term washington consensus usually refers to the level of agreement between the international monetary fund imf, world bank, and u. A short history of the washington consensus john williamson follow this and additional works at. Codified in john williamsons 1990 wellknown washington consensus, this advice inspired a wave of reforms in latin america and subsaharan africa which fundamentally transformed the policy landscape in these developing areas.
1340 1436 228 1429 42 534 1477 1072 73 423 586 860 1396 832 867 942 830 1399 110 1606 1005 1367 92 1141 180 149 1113 708 773 954 1434 921 45 694 91 237 1060 540