Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

Why was the Washington consensus irresistible in Latin America - Essay Example

Comments (0) Cite this document
The international political economy is a complex study which seeks to understand the means by which economic decisions and agreements from various stakeholders are able to impact upon the way in which economic growth, stabilization, recession, depression, integration, and a litany of other factors come to take place within a given nation or between a groups of stakeholders. …
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER96.4% of users find it useful
Why was the Washington consensus irresistible in Latin America
Read Text Preview

Extract of sample "Why was the Washington consensus irresistible in Latin America"

Download file to see previous pages Within the current globalized system, the importance of international political economy and the means by which decisions of economic importance are engaged, the overall level of relevance is maximized. As a function of this, the following analysis will engage the reader with an understanding of why the “Washington Consensus” came to be so widely accepted and agreed upon by a litany of different Latin American countries. Although merely referencing the Washington Consensus, and the determinants that it necessarily imposes, would be an effective start, the analysis will also integrate with an in-depth discussion of each of the 10 points which engenders the Washington consensus as a means of understanding the ultimate attraction that so many Latin American countries had to this particular economic integration and approach (Marangos, 2008). Further, the unique drawbacks and tacit inabilities that the Washington Consensus will also be discussed with regards to the way in which stakeholders within this particular issue realize that it was in their best interest to accept the Washington consensus even with its tacit level of drawbacks. ...
cit level of understanding with respect to world affairs, international relations, and political theory will necessarily be engaged and hopefully understood (Arestis, 2004). History/Background Firstly, before delving into the ultimate rationale behind why so many Latin American countries chose to integrate so fully and completely with Washington consensus, it must be understood that key macro economic factors throughout Latin America provoked and invoked a level of greater cooperation and willingness to attempt a different approach than might have been realized that any other point in history (Babb, 2013). By the time of the 1980s, Latin America, in addition to much of the rest of the world, was still reeling from the economic repercussions of the global malaise that had existed for almost a decade during the 1970s. Whereas the United States, and the rest of the world for that matter, felt the impact of the drastic increase in fuel costs that took place during the late 1970s and early 1980s, the impact that this had upon developing nations were even more profound (Duncan, 2003). This stands to reason due to the fact that the United States and other developed nations had a level of wealth that could be leveraged against a sudden price fluctuation with respect to a inelastic demand. What ultimately prompted the oil crisis during the 1970s had to do with the rising levels of debt, inaccessibility of foreign credit, and a restriction in global trade (Ruckert, 2006). Whereas the fuel crisis of the 1970s and early 1980s was of course of relevance, it must further be understood that this particular issue was a significant impact with regards to developing nations around the world; especially Latin American countries. The rationale behind this is due to the fact that Latin ...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
(“Why was the Washington consensus irresistible in Latin America Essay”, n.d.)
Why was the Washington consensus irresistible in Latin America Essay. Retrieved from
(Why Was the Washington Consensus Irresistible in Latin America Essay)
Why Was the Washington Consensus Irresistible in Latin America Essay.
“Why Was the Washington Consensus Irresistible in Latin America Essay”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Why was the Washington consensus irresistible in Latin America

Latin America

...?An Analysis of the Role of United s behind the Causes of Political Instability of Latin America of the Nineteenth Century and social awakening of Latin Americans Background & Introduction Latin America became the center of political instability in the nineteenth century because of the European powers’ strides to maintain their stronghold through the colonial rule. It is rightly argued that an honest American quest to oust the European colonial powers for the better political future of the Latin people was made, but unfortunately it later turned out into the strengthening of its own strategic interests in the region. Monroe Doctrine was a proof of new American imperialism, which attempted to secure American interests in the Western...
5 Pages (1250 words) Essay

Why was the Washington consensus irresistible in Latin America

...?Why the Washington Consensus Was Irresistible in Latin America Inserts His/Her Grade (18 December Outline Outline 2 Introduction 3 Why the consensus was irresistible to Latin America 3 Loss making in state enterprises 3 Distortion of allocation of resources 5 ISI programs 6 Low foreign investment 7 The debt crisis 9 The role of the IMF and Bretton Woods Institutions 11 Effects of globalisation 16 Conclusion 17 References 19 Why the Washington Consensus Was Irresistible in Latin America Introduction The Washington consensus was a series of neoliberal policies that arose from the US and diffused across several developing nations including Latin American ones. It came about as a result of a wave of globalisation. A number of historical...
15 Pages (3750 words) Essay


... rates reforms 9- Fiscal discipline for foreign direct investments Main objective of these reforms package and creation of international financial institutions was to revamp the failing economies of Latin America, Africa and south Asia in 1980s. Free market economy was supposed to give a strong boost to the economies in the developing world. The closed economies were suppoedly not working well and grdually falling apart. The state run enterprises were viwed as hub of corruption and bureaucratic nepotism and decelerating the economic growth. The neo-liberal agenda under washington consensus was prescribed to bring all the world economies at par with each other. The international monetary fund...
6 Pages (1500 words) Essay

Latin America

... This report highlights the material on Geography including answers of some informative questions on the The diagnostic characteristics of Mainland and Rimland culture areas of Middle America are briefly described. Some important facts and figures regarding United States’ geography are also discussed. Moreover, pros and cons of tourism in Caribbean Islands are briefly enclosed as well. In the last part of the report, the altitudinal zonation model for Latin America showing elevations, names of the zones along with climate diversity is described with the help of a diagram. Last but not the least; deforestation is discussed which is being forecast as pending disaster in Amazonia, Brazil. Some important points are highlighted in this report...
6 Pages (1500 words) Essay

The Washington Consensus

... & Thiele 2004). Similarly, Latin America as a bloc also suffered immensely owing to the Washington Consensus, which is the sole reason why most of the opposition to the model started coming from Latin America. Countries including Bolivia are one of those countries who were the first ones to adopt the model, and yet they are the ones still suffering immensely (Haque 2009). Also, countries like Mexico were extremely cautious while adopting the consensus, as they were considerate of the inflation rate alongside their fiscal policies, but their economy still collapsed, acting as a wakeup call for the advocates. However, during that time, those advocating for the consensus in US and sitting in the IFI`s implored that issues of transparency...
7 Pages (1750 words) Case Study

Latin America

...Geography of Latin America Number Question and 2 The geography of Latin America is one characterized with a myriad of different climates and regions. The region is basically a continent that constitutes the southern area of the landmass of America. For a land mass the size of a continent, the structure of geography of Latin America is relatively simple. The geography of the region is normally likened to a bowl of some sorts because of its interior that is flat and surrounded by mountains (Carlson, 1952). Apart from the plains at the coasts that are narrow, the Latin America is basically composed of three main features of topography. One of the features is the central lowlands. The others are the eastern region’s extensive highlands...
2 Pages (500 words) Essay

Latin America

...Latin America: Geography and Ecosystem What happened to the ecosystems of the region when the people changed the environment? Where the changes made for the better or for the worse, for the region? Holmer (2008) defines an ecosystem as a term that encompasses the living things in a given natural environment, interacting with not only each other, but also with their non-living things such as atmosphere and soil. The environment in Latin America changed in three ways: subdivision of land, construction of dams and electric plants, and increased mining activities. Thus, the ecosystem changed a lot. So many animals around the areas where the dams were built died. Also, the forests were cleared. This aspect changed the ecosystem of the areas...
2 Pages (500 words) Essay

Has the US Lost the Plot in Latin America

The BBC, the world’s largest broadcasting corporation, ran a series on Latin America early this year.  The BBC asserted that while the U.S. government has been busy implementing its war against terrorism in Iran and Afghanistan, its relations with Latin America turned sour, from Mexico down to Peru.  Strong anti-American feelings, or what one Peruvian leader called "the neo-liberal economic model that has failed to benefit our nation", converted into a string of electoral victories by what the West perceives as left-leaning governments.   

A “leftward” drift is apparent in Latin America’s southern hemisphere since the start of the decade.  In Venezuela, leftist Hugo Chave...
11 Pages (2750 words) Research Paper

The Post-Washington Consensus

The term was originally created by Williamson and has been a part of political and economic terminology ever since. The defenders of the consensus call it a boon and a path to greater economic freedom for the less developed countries of the world. Those who oppose it call it a cruel implementation of new liberalism and a tool for the global hegemony of America (Williamson, 2000).
The Bretton Woods system was established in 1944 for the international management of currency between countries. It was a system that gave rules and regulations for the commercial and fiscal connections between the countries which had emerged as victorious after the Second World War. The main purpose of establishing this system was to rebuild those...
12 Pages (3000 words) Assignment

Vietnam War Effect on Youth of America

The USA got involved in the Vietnam War as an ally of southern Vietnam.
Southern Vietnam was fighting against communist-led northern Vietnam and it was quite like a civil war. When the USA stretched itself into this civil war the soldiers were hard to motivate as they were bereft of patriotism, which they would have shown if it was a war directly against the USA, and fought to save national interest. After reaching Vietnam they felt more uncomfortable due to the tropical climate and the unknown topography. (Herring, 1979)

Their body kept on fighting while their mind got occasionally lost in their motherland in the arms of their beloved. Each war leaves a scar on the mind of a soldier and this scar is much deeper th...
8 Pages (2000 words) Assignment

America Vs Let America be America

His poem “Let America be America”
When Claude McKay was just twenty years old, he published his first book of verses titled “Songs of Jamaica” which dealt with his impressions of Black life in America. He wrote on various subjects that included love and romance using very passionate language. Later on, the main themes he wrote on, time and again was about the sufferings and injustice meted out to the blacks in America. In the earlier part of the twentieth century, his literary achievements had a great influence on the Harlem Renaissance. He was greatly respected by the younger generation
Langston Hughes completed his college education at Lincoln University, Pennsylvania. It was at Lincoln, Illinoi...
7 Pages (1750 words) Book Report/Review

The Constitutions of the United States of America and the United Kingdom

The principal characteristic of a functioning democracy is the separation of powers. The concept of separation of powers is complex, although it may seem to be simple. This is because it consists of expressive and rigid components. The US Constitution represents the operational capability of the notion of separation of powers. It operates on three functions of the government. First, the executive implements legislation and supervises the administration over the state. Secondly, the legislature enacts the legislation and monitors the work of the executive and lastly, the judiciary interprets the legislations to apply land laws3.

The British Constitution is an unwritten constitution. Therefore, the limitations of the orga...
7 Pages (1750 words) Essay

The Aspects of Creating America

It is a phenomenon that has existed since the beginning of the United States. In some ways, the fact of the phenomenon is explainable. At the time America began to be populated by Europeans, the written discourse had become the accepted means of communicating ideas, so it was only logical that the brave new American world would be written about and defined by its various inhabitants. Too, the advent of a truly new country, far from the Old World, created a shared experience among the settlers that bound them together more effectively than their European nationalities could do. Add to that the fact that most of the people brave enough to make the journey across the sea to the strange lands of peril and promise were by nature curiou...
7 Pages (1750 words) Term Paper

History of Washington Consensus

...History of Washington Consensus The Washington Consensus was designed to take the developing countries out of their debt crisis. The consensus was made keeping in mind the fact that by helping the debtor countries out of the debt burden, the economy will eventually gain. The Washington Consensus was initially designed by John Williamson. The Consensus consisted of a set of ten economic policies as listed below. 1. It recommended the introduction of a fiscal discipline among all the debt wrecked countries. The economy of the developing countries suffered largely because of the huge debts. This created huge deficits in the BOP of such countries, ultimately leading to inflation. Hence, it is extremely necessary to establish a fiscal...
8 Pages (2000 words) Term Paper

Effects of the United States of America Troops in South Korea

Despite the few negative incidences of crime committed by the United States of America’s security troops that were deployed in the country on a peacekeeping mission.
Since the war in Korea began in the early nineteen fifties, the United States has stationed tens of thousands of soldiers, mostly the United States’ army personnel, in South Korea. Through the assistance of the South Korean troops and other neighboring governments, the American troops have been able to guard and offer maximum security to South Korean people. In line with the argument of James (2003), ‘most of the military bases in South Korea are relatively isolated’ thus the need for much attention from the troops so as to ensure maximum...
10 Pages (2500 words) Assignment

Racism in America: Asian Americans

The first aspect that we are going to discuss is undeserved impoverishment and enrichment. Ten of the U.S. presidents enslaved black people at some point in their lives. American history is full of politicians including George Washington who enslaved African Americans (Feagin 14). These tyrants viewed the black Americans as weak, inferior and collapsed and believed that only blacks deserved to be enslaved. Therefore it would not be false if we say that American slavery was racial. The blacks had no freedom at all in that society and were treated worse than horses. If a black American ran from the master, the other people would bring him back to the master and the master would punish the slave and brutalize him. The women slaves we...
10 Pages (2500 words) Assignment

The Immigration System in America

The higher education system of the United States is roughly comprised of 4,200 postsecondary institutions that have been accredited, attended by sixteen million learners, of which 565,321 are international students (Institute of International Education). These international students play a key role in the American higher education system. This is because they contribute over 13 billion U.S dollars to the American economy every year. Furthermore, most academic programs depend on them to carry out research and act as teaching assistants in important areas dealing with technology and research. Additionally, their diverse standpoints help to internationalize American classes and also enhance the value of discussion, teaching, and rese...
13 Pages (3250 words) Case Study

The Move by America University to Ban Smoking

Smoking is associated to harm secondary smokers than real smokers and this is the reason many nations including America have implemented bans on smoking as a move to protect non-smokers from the associated harms from smokers and also reduce the prevalence of smoking (John, pg35). This has greatly contributed to controlling public smoking. The smoking prevalence decreased to 18.9% up from 24.4% in adults with the age of 18-24 from the year 2005 to the year 2011, in accordance with a research Centre (CDC). The age group is now among the ones with the lowest prevalence in smoking of age below 65. It was six years back; the group was highest in the smoking number. In America, apart from burning smoking in some public places, the moves...
6 Pages (1500 words) Case Study

Poverty in America: Trends and New Patterns

...." World Book Advanced. World Book, 2015. Web.  27 Jan. 2015. Cohen, Philip N. "Social class." World Book Advanced. World Book, 2015. Web.  27 Jan. 2015. Jones, Charles O. "Corrupt practices." World Book Advanced. World Book, 2015. Web.  27 Jan. 2015. Kingsley, G. Thomas, Pettit, Kathryn L. S. Concentrated Poverty: A Change in Course. Neighborhood Change in Urban America. Urban Inst., Washington DC. May. 2003. Mark Greenberg. Understanding the Challenge: Making Poverty History. May. 2007 O’ Hare, William P. Poverty in America: Trends and New Patterns. Population Reference Bureau, Inc., Washington, D.C June. 1985. Rupp, Richard E. "Domestic policy." World Book Advanced. World Book, 2015. Web.  27 Jan. 2015....
11 Pages (2750 words) Term Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Why was the Washington consensus irresistible in Latin America for FREE!

Contact Us