The ten commandents of development strategy: journey of the Washington consensus

• Main Author: Choy, Kin Sung
• Other Authors: J Soedradjad Djiwandono
• Format: Theses and Dissertations
• Language: English
• Published: 2015
• Subjects: DRNTU::Business::International business
• Online Access: http://hdl.handle.net/10356/64969
• Institution: Nanyang Technological University

The term Washington consensus has took on many different meanings since it emerged in the arena of development economics three decades ago. To the author himself, the term refers specifically to a list of ten policy recommendations, which he formulated. To the Bretton Woods institutions, the term instead relates more to neoliberalism with a different set of policies proposed as evident in their structurally adjusted programmes. To many others, the term simply means the unwavering support for the market and the disdain for any non-market factors, including the government. The role of the Washington consensus in the developing world has raged much debate both among policymakers and academic scholars alike, and the conclusion arrived at is the popular belief that the Washington consensus is indeed dead and over. As the developing world prepares to enter into a post-Washington consensus era, it is an appropriate moment to take a step back and trace the intention of the original Washington consensus and follow through the developments that have unfolded before considering if the Washington consensus is truly a mistake in development economics and is best left forgotten or if it has indeed made positive contributions in shaping the developing world at the end of the previous millennium.