2021/07/29 by Michael Spence · 1 citation
Social Sciences · Economics, Econometrics and Finance · #International Development and Aid #Economic Growth and Productivity #Economic Theory and Policy #Washington Consensus #Political science #Positive economics #Development economics #Law and economics #Economics #Law #Politics
paper · doi:10.1257/jep.35.3.67
openalex publication_date 2021/07/29 · openalex created_date 2025/10/10 · openalex updated_date 2026/05/21
This paper discusses the Washington Consensus, its origins, and its insights in terms of subsequent development experience in a broad range of countries. I continue to find that when properly interpreted as a guide to the formulation of country-specific development strategies, the Washington Consensus has withstood the test of time quite well. In my view, subsequent experience, especially in Asia, reveals a number of places where a shift in emphasis would be warranted. Finally, I try to identify some misuses of the Washington Consensus and suggest that it was vulnerable to misuse due to the absence of an accompanying and explicit development model.