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The Washington Consensus ReconsideredTowards a New Global Governance$
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Narcís Serra and Joseph E. Stiglitz

Print publication date: 2008

Print ISBN-13: 9780199534081

Published to Oxford Scholarship Online: May 2008

DOI: 10.1093/acprof:oso/9780199534081.001.0001

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Is there a Post‐Washington Consensus Consensus?

Is there a Post‐Washington Consensus Consensus?

(p.41) 4 Is there a Post‐Washington Consensus Consensus?
The Washington Consensus Reconsidered

Joseph E. Stiglitz (Contributor Webpage)

Oxford University Press

If there is a consensus today about what strategies are most likely to promote development in poor countries, it is this: the ‘Washington Consensus’ — the oversimplified rendition of policies recommended by international financial institutions and the US Treasury — did not provide the answer. This chapter reviews the tenets of the Washington Consensus and shows why its orthodox recipes failed to generate economic growth in the countries that applied them. It goes on to outline the ‘post-“Washington Consensus” Consensus’, which has emerged as a result of the growing dissatisfaction with the Washington Consensus failures. Aspects include: the agreement that a successful development strategy cannot come only from Washington but must include the developing world in a meaningful way; one-site-fits-all policies are doomed to fail; countries should be given room to experiment, use their own judgment, and explore alternatives; development requires a balanced role between the state and the market and the strengthening of the institutions in each; and finally, success must be measured not only in GDP, but also must account for distribution as well as social and environmental sustainability.

Keywords:   economic growth, neo-liberalism, US Treasury, development strategy, GDP, distribution, social sustainability, environmental sustainability

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