Arguments for Post-Washington Consensus Consensus by Joseph Stiglitz Essay

Arguments for Post- working capital Consensus Consensus by Joseph Stiglitz - Essay Examples as of 1989. (2).Such policies often include-fiscal discipline a reorientation of public expenditure priorities toward fields offering both high economic returns and targeting evener income distribution,.e.g. primary health care, primary education, and infrastructure tax reform (to lower peripheral rates and broaden the tax base)Interest rate liberalization a competitive exchange rate trade liberalization liberalization of inflows of foreign shoot investment privatization deregulation (to abolish barriers to entry and exit) and secure property rights. This privatization agenda in pursuit of globalization has come under criticism as (1) says, whatsoever of the most vociferous of todays critics of what they call the capital of the United States Consensus, most prominently Joe Stiglitz... do non object so much to the agenda laid out supra as to the neoliberalism that they interpret the term a s implying. I of course never intended my term to imply policies like capital account liberalization...monetarism, supply-side economics, or a minimal state (getting the state out of welfare provision and income redistribution), which I think of as the quintessentially neoliberal ideas. In development literature it is examined and accepted that The Washington consensus emerged out of a kind of counter reaction in development economics (3) to what has been termed as rather operationally successful neoliberal revolution against Keynesianism prescriptions of the 1970s.The Washington Consensus, materialized in large and specially built Structural Adjustment Programmes (SAPs) suggested for a substantial portion of the developing countries in the ensuing years of 1980s and 1990s.It was the outcomes of these SAPs that were not along expected lines and which resulted in external criticism of The Washington Consensus itself. Joseph Stiglitz a World Bank Economist was the most prominent insid er to offer criticism of the neoliberalism entire in The Washington Consensus and the body of