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Comparative Econ - Assignment Example

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This paper seeks to answer several comparative economics questions relating to economic policies such as Washington consensus in Latin America, chaebol and keiretsu in…
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Comparative Econ
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Comparative Econ

Download file to see previous pages... The Washington consensus package consisted of ten policies elaborate enough to cover macro and micro economic variables in respect to market and trade. The package included stimulus recommendations relating to tax reforms, fiscal policies, liberalization of trade, deregulation among others (Scott 357).
Contrary to what the name suggests, “Washington Consensus” was not made in Washington. The Washington Consensus package was in fact borrowed from the economic stimulus policies that were being used in Latin America to mitigate the effects of economic crisis. Actually, Williamson resents the fact that the package was named Washington Consensus since it has nothing to do with Washington.
The Washington Consensus ideology was very popular in Latin American countries. The events that happened immediately after the World War II disrupted the economic structures of countries in Latin America. This prompted the need for economic reforms that would ensure recovery of the overall economy amidst influential factors of politics. “Washington Consensus” came to happen because this region needed the back up of Washington in order to succeed (Scott 185).
The economic reforms in Chile can greatly be attributed to the Washington consensus albeit indirectly. The “Chicago Boys” made economic recovery after the fall of military rule and prowess of the same possible. Friedman and Harberger trained these young economists in the department of economics in University of Chicago. The idea was generated by the U.S as it sought to influence reforms of Chilean economy. The Chicago boys brought the same ideas of market-oriented economy common with Washington Consensus to Chile. All these events happened after Pinochet, head military ruler, stepped down. Currently Chile finds pride in their economic and social status in the world, which they owe indirectly to Washington Consensus (Scott 208).
The aftermath of WWII left Japan in ruins with no viable political ...Download file to see next pagesRead More
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