DEVS 230 Lecture Notes - Lecture 4: Washington Consensus, Free Trade, Regional Policy Of The European Union
4 Dec 2017
School
Department
Course
Professor
Document Summary
Washington consensus regime (wcr) 1982-1994 to post-washington consensus regime (pwcr) 1995-present. Objective: understand wcr & pwcr, reasons for shift. What"s wcr: regime-peet, type of power, neoliberalism-ideas, government implement policy based on these neoliberalism and neoclassical economics and ideas. Dominant solutions: pro: state intervention, sol: trade and financial liberalization + place industry in private sector, wcr= getting economic right, pwcr= getting politics right. Export: saps, move from isi to epi- export for hard currency, comparative advantage- according to imf, world bank a country choose it"s key export by what they can export more cheaply than other countries. Imf/wb suggested maintaining resources in basic health and education: countries didn"t have other options but to cut those. Labour markets: get rid of regulations, remove worker protection laws, flexibilization of labour- hire and fire. Financial markets: do what they want, invest where they want, allow rationality to be free and there will be economic growth.
