IGS 10a Chapter Notes - Chapter LATTE: Procyclical And Countercyclical, Progressive Tax, Human Capital
18 Sep 2016
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Document Summary
John williamson, from reform agenda to damaged brand name . A short history of the washington consensus and suggestions for what to do next. The washington consensus story dates back to 1989 - us press discussing lam countries unwilling to undergo reform to escape debt crisis. Misconception change in attitudes toward economic policy occurring. 10 policy reforms to almost everyone in washington thought were needed in lam the. Omitted number of reforms that should have been on the agenda (macro policy stabilizing and unequal income distributions) However neoliberal doctrines absent from list: monetarism, low tax rates (supply- side economics, minimal state denies responsibility for correcting income distribution or internalizing externalities, and free capital movements. Opponents of reform decided to exploit resentment some reformers felt about term reforms adopted b/c pressure from washington not rational calculation of national self- interest. Washington consensus represents policies collectively pursued by washington-based institutions that dispense advice to developing countries.
