Undoubtedly, john williamson is famous for pioneering the phrase washington. Goodbye washington consensus, hello washington confusion. The washington consensus is a set of ten points outlined by john williamson summarising policy advice from washingtonbased institutions to latin america after the 1980s debt crisis. Washington consensus definition and criticism economics help. The washington consensus the phrase washington consensus was originally coined by john williamson, who in 1990 used it as a descriptive term to refer to the lowest common denominator of policy advice being addressed by the washingtonbased institutions to latin american countries as of 1989 williamson, 2000. The ten commandments of the washington consensus balance of. C 1 williamson used the term to summarize the commonly shared themes among policy. Williamson discussed the principles behind the washington consensus and highlighted the areas in which one could say there is a brussels consensus. Redefining the role of the state columbia business school. Democracy and the washington consensus john williamson institute for international economics, washington, dc summary. Theresa williamson, john williamsons daughter, is a city planner and founding. 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. The washington consensus has diverged somewhat from the original intention of john williamson.
These prescriptions are meant as a baseline of directions for nations in need of assistance from international economic entities, such as the world bank and the international monetary fund. John williamson retired in 2012 as senior fellow at the peterson institute. The washington consensus is a set of ten economic policy prescriptions considered to. Department of economics university of crete, rethymno 74100, crete, greece ph. 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.
A british economist named john williamson coined the term washington consensus in 1989. Williamson, 2003 there is great uncertainty about its likely successor, often dubbed the postwashington consensus stiglitz, 1998. Despite the failings of the free market, there is still merit in considering each of the 10 principles. The term washington consensus was coined by john williamson. The first stage in answering these questions is a careful examination of the semantic issues involved. 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. The author is indebted to colleagues at the institute for international economics for comments on a previous. John williamson, a short history of the washington consensus. Dec 22, 2017 the washington consensus has diverged somewhat from the original intention of john williamson. G w c h w c dani rodrik harvard university january 2006.
My original paper williamson 1990 argued that the set of policy reforms that most of official washington diought would be good for latin american countries could. The washington consensus as policy prescription for. Within this context, economist john williamson authored a paper in 1990 that outlined the prescriptions for economic development in emerging markets known as. Pdf the term washington consensus, as williamson conceived it.
The washington consensus as transnational policy paradigm. Daniel cohen, paris school of economics, oecd development centre, and. 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. Within this context, economist john williamson authored a paper in 1990 that outlined the prescriptions for economic development in emerging markets known as the washington consensus. This emerging paradigm emphasises the need to move beyond the washington consensus burki and perry, 1998. Beyond the washington consensus jeremy clift in 1989, economist john williamson coined the term washington consensus. Economists, privatization in russia and the waning of the. In 1989, economist john williamson coined the term washington consensus. John williamson is senior fellow at the peterson institute for international.
The washington consensus is a term used to describe ten policy prescriptions laid out by economist john williamson. 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. An important marker in this intellectual terrain is the world banks economic growth in the 1990s. The authors are, respectively, president, chief economist for latin america.
Official pdf, 43 pages world bank documents world bank group. 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. Economist washington fall 2008 university of washington, department of economics 2008 economics distinguished alumnus. 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. 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. Turin since 1989, when economist john williamson first conceived of the economic and policy recommendations known as the washington consensus williamson, 1989, this consensus became generally accepted as the most effective model by which developing. Williamsons the washington consensus initial agenda, the life cycle and the global spread of this term and its meanings during the last three decades, and williamsons 2004 paper itself in which he tried to retrospectively reposition himself are an interesting and rich example of sociology of economics. Chapter 2 the washington consensus trade and investment. The term washington consensus was coined in 1989 by the economist john williamson to describe a set of ten relatively specific economic policy prescriptions that he considered constituted the standard reform package promoted for crisiswracked developing countries by washington, d. Since 1989, when economist john williamson first conceived of the economic and policy recommendations known as the washington consensus williamson, 1989, this consensus became generally accepted as the most effective model by which developing nations could spur growth.
Institute for international economics, washington, dc. Williamson born june 7, 1937, hereford, england is a britishborn economist who coined the term washington consensus. John williamson, the washington consensus, 1990 in the essay. The term was first used in 1989 by english economist john williamson. He was seeking to emphasize the shift in policy prescriptions common for latin america during the 1950s 1970s to a set of policies that were more contemporary and widely accepted. It was right wing policy advice to correct failures of prior approaches to development. 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. First, there was an unexpectedly deep and prolonged collapse in output in countries mak. Senior fellow, institute for international economics. Sep 19, 2017 williamsons the washington consensus initial agenda, the life cycle and the global spread of this term and its meanings during the last three decades, and williamsons 2004 paper itself in which he tried to retrospectively reposition himself are an interesting and rich example of sociology of economics. The washington consensus reconsidered books publications. 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. From the after to the amended washington consensus.
John williamsonbiographical sketch john williamson was born in 1937 and educated at the london school of economics and princeton university. It is hard to overemphasize the practical and ideological importance of the washington consensus in latin america. Global economics in extraordinary times stephany griffithjones. A short history of the washington consensus smu scholar. The debate now is not over whether the washington consensus is dead or alive, but over what will replace it. The washington consensus as policy prescription for development. Proponents and critics alike agree that the policies spawned by the washington consensus have not produced the desired results. John williamson, the washington consensus, 1990 in the. Global economics in extraordinary times stephany griffith.
John williamson, the washington consensus, 1990 in the essay excerpted here, the economist john williamson coined term washington consensus. He served as a senior fellow at the peterson institute for international economics from 1981 until his retirement in 2012. The ten commandments of the washington consensus 1. The term washington consensus was coined in 1989 by economist john williamson. However, there needs to be greater discrimination and less blanket implementation. Haruyuki niimi, ba 1959 estate of george corkery jr.
The decalogue of consensus policies laid out by john williamson. The washington consensus as a transnational policy paradigm at the end of the 1980s, a participant at a conference on the latin american debt crisis observed that economists and policymakers in and around washington, dc, had converged on a common set of prescriptions for developing countries. A short history of the washington consensus 14 john williamson 3. 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. Apr 30, 2018 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. Dubbed the washington consensus, it addressed economic policy instruments perceived by. 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. In 1989, john williamson outlined a set of desirable economic reforms targeted at developing countries that he deemed broadly supported by policymakers in washington. Democracy and the washington consensus visionary values. Apr 21, 2020 the washington consensus is a term used to describe ten policy prescriptions laid out by economist john williamson. 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. Washington consensus is being implemented in every capital of the. From the washington consensus towards a new global governance 3 narcis serra, shari spiegel, and joseph e. It referred to a set of reforms that many economists and policymakers believed latin america would have to undertake to recover economically from the debt crisis of the 1980s.
The washington consensus, was a set of reforms for economic development. Washington consensus harvards growth lab harvard university. Williamson is a senior fellow at the institute for international economics iie in washington dc and the originator of the concept washington consensus. The record here is howlearning from reform summarizes the surprises of the 1990s. Williamson used the term to summarize commonly shared themes among policy advice by washingtonbased institutions at the time. The term washington consensus, as williamson conceived it, was the lowest common denominator of the reforms that he judged washington. 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.
78 1008 1482 434 1532 1209 1149 880 928 303 302 167 1205 1289 1350 1170 930 1355 145 745 595 102 832 1467 350 1355 423 1388 1258 710 467 909 424 178 1005 631 778 722 377 109 1243 515