Washington Consensus

Post – Washington Consensus a new Paradigm for Development? Explain your reasoning. Quote (40) If there is a consensus today about which strategies are most likely to promote the development of the poorest countries in the world, it is this: there is no consensus except that the Washington Consensus did not provide the answer. (Stiglitz 2004, 2) Introduction (250) Within the Global Political economic, there have been a number of considerations about whether or not the Washington consensus and the

economic consensus frameworks that is closely related to economic growth in the world. They are namely the Washington Consensus and the Beijing Consensus. The former is looking at industries in the western context whereas the latter is looking the Asian context mainly China. The later part of the report will discuss and compare the two consensus such as identifying their differences as well as pros and cons of using each model. The last part of the report will discuss weather is Beijing consensus dominating

paper also discusses the idea that globalization is merely an extension of colonialism and imperialism and that impact on developing nations and economies through their interactions with the Washington Consensus. The factors that contributed to economic change were extremely intertwined with the Washington Consensus and globalization. The end of the Cold War contributed to the multipolarity of how the states now interact. By opening up free markets, states were then able to shift they economies and become

restructuring, the labour regulation and economic crisis (ILO, 2013). All these challenges that are present in the developing countries closely relate to the Structural Adjustment Programs and Washington Consensus, giving recipes of liberal economic organization to let the free market function. 1.2. Washington Consensus, SAP The debt crisis in Latin America of 1980s let IMF (International Monetary Fund) and WB (World Bank) to think about solutions for the indebted governments to maintain economic stabilization

Later on, when President Bush cut off all funds from Brazil’s AIDS program, these questions seemed to be answered, and major protests erupted across the country in response to the U.S. religious agenda, along with the neoliberal agenda of the Washington Consensus (Amar, 438). However, after a clear shift from this Isolationist view to an International one, different mechanisms shifted society from repressive, into a much more empowering one (Bernstein, 430). This new view is seen as a “new

1. WASHINGTON CONSENSUS 1.1 THE ORIGIN The term “Washington Consensus” was created in 1989. The first written usage was in a background paper for a conference that the Institute for International Economics convened in order to examine the extent to which the old ideas of development economics that had governed Latin American economic policy. In order to try and ensure that the background papers for that conference dealt with a common set of issues, John Williamson made a list of ten policies that

‘The Washington Consensus has proved more of a help than a hindrance to the economic development of countries. Assess the validity of this claim.’ The Washington Consensus refers to the idea that the International Monetary Fund, the World Trade Organisation and the World Bank share common ideals. This is the idea that trade liberalisation and moving towards free trade is the best way for countries to develop. The IMF has 185 member countries; their work mainly consists of monitoring and advising

Neoliberalism has a tendency to increase social inequality and this tendency is no accident. The rich thorough military force political maneuvering and the construction of mass consent decimate social infrastructure and break trade unions and social movements in order to cement class power. Proof that neoliberalism is more about class power than economic efficiency can be found in the numbers. The global picture looks, at least on the surface, to be very bleak. The poorest 40 percent of the world’s

Ever since organizations and agreements like the North American Free Trade (NAFTA) and the International Monetary Fund (IMF) were created around the end of World War 2 to supposedly help the Third World nations to establish better economies and governments, they have only done more harm than good for these nations. These third world countries end up becoming exploited and extorted, forced to become dependent on the big international organizations like the IMF because of the exorbitant interest rates

NEGATIVE IMPACTS OF WORLD BANK’S STRUCTURAL ADJUSTMENT PROGRAM (SAP) IN GHANA INTRODUCTION: Writing about the negative impacts of The World Bank Structural Adjustment Program in Ghana, my country of origin is something I can do with my eyes closed, because being an ordinary Ghanaian, born and raised in Ghana, I do not need a research to know what these institutions have done to the developing countries they impose their ill intended programs on. Even the blind can feel hunger, lack of access to