Tags » Washington Consensus

What Developing Nations Can Learn From Greece, The Washington Consensus and the International Monetary Fund

As Greece’s bail-out program expires tonight with the failure of Athens to pay €1.6bn ($1.78bn) owed to the International Monetary Fund (IMF), not only will the country become the first advanced economy to default to the fund in its 71-year history, it will also become the IMF’s biggest debtor. 1,807 more words

Asian Financial Crisis

The Threat of a Good Example

The political and economic elite in the US is threatened by an alternative model for organizing society. This is the perverse flip side to Margaret Thatchers admonishment–“there is no alternative.” However, the constant repetition of the this free market dogma in recent years is not a sign of strength as much as… 1,277 more words

The IMF: Of Words and Actions

Some comments, and endless twitter discussions on my Blanchard Touch post call for a couple of clarifications.

The first has to do to the most common reaction, that has been: “the IMF may well have made advances in its analysis, but the policy prescriptions are remarkably unchanged. 659 more words


The Corrosive Legacy of the 'Good War' Standard

The Second World War is still held by many intellectuals as the best example of ‘the good war’. Hollywood often pays it tribute by devising heroic epics that depict Allied courage in the face of Nazi barbarism – the same honour is not bestowed to Vietnam War films… Pundits in the West spend their days portraying contemporary conflicts in the light of WWII teachings: analogies with… 973 more words


The World Bank, the IMF, and the 21st Century

‘Structural Adjustment’. ‘Washington Consensus’. ‘Privatisation’. ‘Budget Cuts’. ‘Austerity’. On and on…

The World Bank and International Monetary Fund (IMF) hold their Annual Meeting this weekend. 1,400 more words


Restart: The last chance for the Indian Economy

Mihir Sharma’s book (Random House 2015) is the one for you if you are a policy wonk but at a loss for arresting sound bites; a businessperson looking for bright and engaging things to say at your next meeting; a student of economics, politics or sociology grappling with the question why things are so difficult to do in India; or an expatriate keen to remain in touch with the undercurrent of “happening” things in India… 1,224 more words

Econ 12 - 5th Assignment – due by email on February 17, 2015

Prepare, individually, short written answers to the following questions, and submit them to me by e-mail (oroncesval@gmail.com) on or before February 17, 2015. Most of the answers can be found in Chapters 8, 11, 12 and 13 of the Backhouse textbook. 174 more words

Economic Thought