by Mark Thoma, University of Oregon (Department of Economics)

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A Political Economy Perspective on the Failure of the Washington Consensus

Posted on June 25, 2008

Why did the Washington Consensus reforms fail to improve economic performance in developing countries?:When does policy reform work? The case of central bank independence, by Daron Acemoglu, Simon Johnson, Pablo Querub n, and James A Robinson, Vox EU: Institutional and policy reforms are promoted as a way to improve economic performance and growth in poor countries. Reforms that have received substantial attention over the past decade or so are often referred to as the Washington consensus . These include trade opening, financial liberalisation, judicial reform, privatisation, reduction of e...

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budget , central bank , economy , gdp , inflation , tax