Quotes About Washington Consensus

During the 1990s the United States sought to impose the 'Washington Consensus' on Latin American governments. It embodied what Latin Americans call 'neo-liberal' principles: budget cuts, privatization, deregulation of business, and incentives for foreign companies. This campaign sparked bitter resistance and ultimately collapsed.

The industrial world enjoys a rare combination of growth and low inflation; the 'Washington consensus,' a model of economic development that emphasizes macroeconomic discipline and open markets, is being adopted by more countries.

Joseph Stiglitz was the chief economist of the World Bank for three years till January 2000. Before that he was the chairman of President Clinton's Council of Economic Advisers. No one can speak more authoritatively or with greater inside knowledge about the functioning of the Washington consensus institutions.

While part of the appeal of authoritarian growth comes as a reaction to the Washington consensus, perhaps its greater charm—certainly to the rulers presiding over extractive institutions—is that it gives them free rein in maintaining and even strengthening their hold on power and legitimizes their extraction.