Post Washington Consensus Consensus Essay Example | Topics and Well Written Essays - 1500 words

Post capital letter Consensus Consensus - Essay Exampleprimary health care, primary education, and infrastructure tax reform (to lower borderline prescribes and broaden the tax base)Interest rate liberalization a competitive exchange rate trade liberalization liberalization of inflows of foreign direct investment privatization deregulation (to abolish barriers to entry and exit) and practiced property rights. This privatization agenda in pursuit of globalization has come under censure as (1) says, most of the most vociferous of todays critics of what they call the capital of the United States Consensus, most prominently Joe Stiglitz... do not object so much to the agenda laid out above as to the neoliberalism that they interpret the term as implying. I of course never intended my term to imply policies like capital account liberalization...monetarism, supply-side economics, or a minimal state (getting the state out of welfare provision and income redistribution), which I think of as the quintessentially neoliberal nouss. In development literature it is examined and accepted that The Washington consensus emerged out of a kind of counter reception in development economics (3) to what has been termed as rather operationally successful neoliberal revolution against Keynesianism prescriptions of the 1970s.The Washington Consensus, materialized in large and specially built Structural Adjustment Programmes (SAPs) suggested for a substantial portion of the ontogeny countries in the ensuing years of 1980s and 1990s.It was the outcomes of these SAPs that were not along expected lines and which resulted in external criticism of The Washington Consensus itself. Joseph Stiglitz a World Bank Economist was the most prominent insider to offer criticism of the neoliberalism inbred in The Washington Consensus and the body of criticism is now termed as post Washington consensus consensus (4) in the sense impression that it agrees on drawbacks and weak points of the con sensus. This paper examines the critical body of arguments posed in this new consensus.2.Post Washington Consensus Consensus (5) constitute in detail the various outcomes of the SAPs, based on The Washington Consensus, which not fell short of cabbage in their prime objective of achieving economic growth through market deregulation but in any case created other weak spots.Amin states that SAPs resulted in , a sharp increase in unemployment, a fall in theremuneration of work, an increase in food dependency, a grave deterioration of theenvironment, a deterioration in healthcare systems, a fall in admissions to educationalinstitutions, a decline in the productive competency of many nations, the sabotage of democratic systems, and the continued growth of external debt. This made Stiglitz look out for an understanding alternative t economic growth model. An alternative which was not based on sole stress on deregulations of all categories of markets to attain economic growth targets. Stiglitz writes about a new paradigm for economic development (6).This idea of anew consensus arrived from Stiglitz when global development financial institutions had undergone a major policy shift after having witnessed the Asiatic crisis and analyzed its reasons that were traced to deregulated