The Washington Consensus Reconsidered Towards a New Global Governance

by Serra, Narcís; Stiglitz, Joseph E.

• ISBN13: 9780199534098
• ISBN10: 0199534098
• Format: Paperback
• Copyright: 2008-06-17
• Publisher: Oxford University Press

Summary

This volume brings together many of the leading international figures in development studies, such as Jose Antonio Ocampo, Paul Krugman, Dani Rodrik, Joseph Stiglitz, Daniel Cohen, Olivier Blanchard, Deepak Nayyer and John Williamson to reconsider and propose alternative development policiesto the Washington Consensus. Covering a wide range of issues from macro-stabilization to trade and the future of global governance, this important volume makes a real contribution to this important and ongoing debate.The volume begins by introducing the Washington Consensus, discussing how it was originally formulated, what it left out, and how it was later interpreted, and sets the stage for a formulation of a new development framework in the post-Washington Consensus era. It then goes on to analyze and offerdiffering perspectives and potential solutions to a number of key development issues, some which were addressed by the Washington Consensus and others which were not. The volume concludes by looking toward formulating new policy frameworks and offers possible reforms to the current system of globalgovernance.

Author Biography

Narcis Serra is the President of the CIDOB Foundation. During this time, he has been the driving force behind the creation of the Barcelona Institute for International Studies (IBEI), which was founded with the desire to make Barcelona a centre of reference in the study of this discipline. Currently, he is the President of Caixa Catalunya and Chairman of the Board of the National Museum of Art of Catalonia (MNAC).
He has previously served as Mayor of Barcelona, was Spanish Minister of Defence in the Government of Felipe Gonzalez, and in 1991, he was named Vice President of the Spanish Government. From 1986 until 2004, Narcis Serra was a Deputy for Barcelona in the Spanish Congress. Joseph E. Stiglitz was awarded the Nobel Prize in economics in 2001 and is University Professor at Columbia University where he founded the Initiative for Policy Dialogue in 2000. He was Chair of President Bill Clinton's Council of Economic Advisors from 1995-97 and Chief Economist and Senior Vice-President of the World Bank from 1997-2000.His best known recent publications include 'Making Globalization Work' (2006), 'Fair Trade for All' (2005), 'Globalization and its Discontents' (2002) and 'The Roaring Nineties' (2003).

Table of Contents

List of Figures	p. ix
List of Tables	p. x
List of Contributors	p. xi
Foreword	p. xiii
The Washington Consensus: From Its Origins to Its Critics
Introduction: From the Washington Consensus Towards a New Global Governance	p. 3
A Short History of the Washington Consensus	p. 14
Inequality and Redistribution	p. 31
Is there a Post-Washington Consensus Consensus?	p. 41
The Barcelona Development Agenda	p. 57
Analyses of Central Issues in Development
A Broad View of Macroeconomic Stability	p. 63
The Wild Ones: Industrial Policies in the Developing World	p. 95
Sudden Stop, Financial Factors, and Economic Collapse in Latin America: Learning from Argentina and Chile	p. 119
Towards a New Modus Operandi of the International Financial System	p. 150
The World Trading System and Implications of External Opening	p. 180
The World Trading System and Development Concerns	p. 215
Reforming Labor Market Institutions: Unemployment Insurance and Employment Protection	p. 260
International Migration and Economic Development	p. 277
Towards a New Global Governance
The Future of Global Governance	p. 309
Growth Diagnostics	p. 324
A Practical Approach to Formulating Growth Strategies	p. 356
Index	p. 367
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