INR 3003 Lecture Notes - Lecture 13: Washington Consensus, Dependency Theory, International Development
3 Mar 2017
School
Department
Course
Professor
Document Summary
Came from reaganomics and margaret thatcher: bretton woods and beyond, chicago school of economics. Reform policies were coming out of this school. Neoliberal reforms: came from reaganomics and margaret thatcher. Regulation: allowing businesses to be more aggressive and competitive. Kaines was more in favor of government"s role of controlling government role. Hayek thought that the government needed to back off. Encourages investments at a higher interest rate: washington consensus (john williamson) If you want to see prosperity, you have to remove these government controls. The world bank began to see this as a global standard (washington consensus: in saying what works for us should for you is not always completely accurate, joseph stiglitz is a huge critic to this. One of the ways the washington census was transmitted was through our own economic power and might. Our ability to persuade countries to do things how we see fit. We use our economic powers to promote these policies.
