What is next for the Washington consensus? The fifteenth anniversary, 1989-2004

Abstract

The article reports on the fifteenth anniversary of the Washington consensus with special focus on the past fifteen years accomplishments. Washington consensus was promulgated in 1989. In the past fifteen years, the United States saw some impressive growth with strong employment, low inflation, and high productivity gains, while emerging countries were hit by a string of financial crises. It states that the economic performance of developing countries in the past 15 years is disappointing at best, alarming at worst. It talks about the contributions of globalization in redefining the international currency stage. The performance of developing countries in past years has been analyzed in the article. It also discusses post Keynesian views on economic reforms. Post Keynesians criticized the pace of economic reforms, they have also criticized the actual reforms. Views of scholars is also made available in the article. Need for overcoming the fundamental problems of the Washington consensus is also emphasized in the article.

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