Analysis Of The World Bank 's Economic Growth

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Review: Rodrik, Dani (2006). Goodbye Washington Consensus, Hello Washington Confusion? A Review of the World Bank’s Economic Growth in the 1990s: Learning from a Decade of Reform. Journal of Economic Literature In the past two decades, the Washington Consensus approach codified by John Williamson (1990) has been one of the most popular terms in the field of development. Consisting lists of reform agenda, Washington Consensus used to be or at least believed as a ‘rule of thumb’ policy to improve economic growth in developing countries. However, due to the undesired result, now the Washington Consensus have reached its fallacy. There are rising debates on what will replace the Washington Consensus and the 1990s: Learning from a Decade of Reform (2005, hereafter Learning from Reform) published by the World Bank was one of the most regarded document which summarize the result effect of Washington Consensus and proposed alternatives to complement the approach through institutionalization and foreign aid. Dani Rodrik in his article Goodbye Washington Consensus, Hello Washington Confusion? A Review of the World Bank’s Economic Growth in the 1990s: Learning from a Decade of Reform is skeptical that the proposed alternatives will better-suit to replace the pre-sumptive strategy of Washington Consensus and therefore he posits the Growth Diagnostic Approach that he and his collegue developed. In his article, Rodrik interpret how the Learning from Reform summarize the consequences
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