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Washington Consensus and its impact on Thirds World Countries - Essay Example

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Washington Consensus and its impact on Thirds World Countries Introduction The term Washington Consensus was coined and developed in 1989 by an American economist John Williamson. This was a policy which was designed by John Williamson, who was a member of the Institute of International Economics, a think tank based in Washington prescribing ten different policies for the less developed nations which also constituted third world countries to make them more robust economically and drive out poverty from those nations as well as getting them on the path of development…
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Washington Consensus and its impact on Thirds World Countries
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Washington Consensus and its impact on Thirds World Countries

Download file to see previous pages... The original ten points conceived by Williamson were somewhere distorted in application by these nations. Along with this fact, another point of reference which is interesting to note is that people argue that Argentina’s failure of economy of 1999 was characterized by its own issues, which comprised of an uncompetitive fixed rate regime as well as failure to achieve effective control over its fiscal accounts, which became increasingly unpopular with the economic function of the country. “In a well-organized mixed economy, resources are efficiently allocated by means of the signals sent by relative prices. Relative prices, in turn, are determined in competitive markets. On the other hand, redistributive policies are explicitly included in the government’s Budget. In Argentina, on the contrary, those instruments of economic policy had switched roles. Instead of being instrumental in the efficient allocation of resources, relative prices were controlled by the government aiming at redistributing income. On the other hand, instead of playing a role in the redistribution of income, the government’s Budget aimed at allocating investment and employment.” (Yair Mundlak) The “Real” Coming of Washington Consensus: It is worth remembering that the belief that a less developed country could not really benefit from freer international trade and investment was, and to a certain extent continues to be, widely held in these countries. Therefore, the Washington Consensus' prescription that government-imposed barriers to imports and exports, to foreign investment and to foreign currency transactions had to be lifted was sharply at odds with the long-held conviction that developing countries had to protect their economies from an unfair and exploitative international system rigged against them. “This belief, of course, flowed from the core proposition of 'dependency theory', a set of ideas that gained much currency in the developing word and which had few if any conceptual points of contact with the economic profession as it was practiced in most industrialised, capitalist countries” ( Moises Naim, 2000) Neo-Liberal Reforms and their Impact on Third World Countries: Neo liberal reforms have not been able to help the state of the nations in Latin America. The paper shall analyse three countries to this effect, which are namely Argentina, Venezuela and Sierra Leon. After reviewing the existing position and the situation after the influence of neo liberal reforms such as Washington Consensus the writer shall argue that such reforms have hindered the development of these countries. How Neo Liberal Reforms Hindered Development in Chile: Organizations such as the Ford Foundation and the Chicago boys committed grave violence in the name of free market economy in Latin America. IN the disguise of promoting economic development and trying to liberalise the economy, they went on to destroy the existing structure which prevailed in Latin America during the 70’s by means of force. The Chicago Boys were a group of students from the University of Chicago who ...Download file to see next pagesRead More
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