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WASHINGTON CONSENSUS - Essay Example

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It was the famous economist and American think tank John Williamson who coined the term Washington Consensus. This term refers to the following policies prescribed by the reform package of the consensus in 1989 originally aimed at radical economic reforms in the developing world…
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WASHINGTON CONSENSUS

Download file to see previous pages... Only the annual budget of Nestle grew more than any African country under this globalisation of economy (Robert N. Gwynne and Cristbal Kay 1999). So the launch of these reforms in the name of structural adjusment programmes on the advice of IMF and world Bank there has attracted a lot of criticism in the thirld world countries. The policies that were originally formed to give a boost to the GNPs and GDPs of the least developed and developing countries in the world.But on the contrary in most of the economies these policy presciptions have played havoc with the unemployement and poverty due to the capitalism's tantacles wide spread from the first world in the poor countries. The major criticism has come from latin american and ex-soviet republics . They majorly see the capitalism as the main monster creeping in the world on the wheels of the multinalnal companies.
Ultimately the buzzwords of globalization, capitalism, neo-liberal agenda and Washington Consensus became familiar and synonymous to each other. People in the third world have been debating these terms ever since early 1950s. Most of them argue that there is an important sense in which disagreements on the character and consequences of capitalist ways of organizing economic life actually triggered the nineteenth century emergence of modern social science. This disagreement in the ex socialist and some Latin states stands at the center of the twentieth century political debate on how best to organize advanced industrial societies; and they remain main elements dividing capitalist societies, in former communist societies, and in whole of the under-developed...
There is no denying the fact that the policy prescriptions under the Washington Consensus have widely been criticized from all around the world. This situation has basically arisen from immediate debacle of soviet republics and the transitional economies were not ready for reforms immediately. The Latin America, south Asia and Africa were not ready as yet. Those countries that blindly adopted these policies did not have a better taste of these policies. People reacted badly and results were not favorable politically. The economic reforms have to be adopted very prudently, slowly and gradually in all political wisdom by the leaders. But this is also a fact that free market economies are the order of the day. The WTO has at least now been setting favorable incentives for the least developed and underdeveloped world. The international competition cannot be beaten by mere agitation from the third world. The reform in the production process and compliance with the ISO certifications and intellectual property rights has to be complied with all the countries in the world equally.
However the safety nets for the protection of poorest of the poor people have to be provided by the respective governments. It is still widely believed that growth in GDPs is not vastly trickling down to the poor segments of society. Corruption in the developing countries is rampant and rich elite is taking the advantages of new reforms. Poor have to be defended any way. ...Download file to see next pagesRead More
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