Consensus of Washington
In 1989, with Washington, the economist John Williamson proposed a list of ten economic regulations recommended to the economies in difficulty (in particular those of Latin America) in order to promote to them growth, which it gathered under the name of consensus of Washington . This list tried to summarize the position of the majority of the experts of the international financial institutions (the World Bank, Fonds international currency) and of the Département of the American Treasury.
Profiting from the context of total ideological crisis related to the collapse of the Soviet Communism, these proposals were applied by many States (in a selective way) with very diverse levels of success.
Far from being indeed consensual, this list, of liberal inspiration , contains points rejected by many economists, including liberals, like Jagdish Bhagwati, or the Nobel Prize of Economy Joseph Stiglitz in his work great disillusion . It is also décriée by the altermondialists. Whereas the communist against-model practically disappeared, the alternative ways with the consensus have evil to bore. Outlines of alternatives, which one could describe as mixed way between the extremes of capitalism without regulation and Communism, are advanced by the Post-keynésien S, and the Altermondialiste S.
In 2007, in its World report on the development , the the World Bank, one of the principal institutions to follow the Consensus of Washington, the need for the intervention of the State recognizes.
Within the European Union, the criteria of Maastricht are inspired by the regulations of the Consensus of Washington.
Regulations of the consensus
- Orientation of the public expenditure as well towards the Economic growth as the fair distribution of the Returned S,
- Of the tax reforms to obtain broad a tax Plate and maximum rates of weak imposition,
- Liberalization of the financial markets,
- Creation of a Foreign exchange rate stable and competitive,
- Liberalization of the Trade,
- Abolition of the barriers at the entry on the market and liberalization of the international Investment S,
- Privatization S,
- Protection of the private property.
impact of the consensus of Washington on the countries in the process of development: a empriric evaluation
- the Consensus of Washington, application in Latin America
- To bury the consensus of Washington
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