Home > Publications > Books > The Washington Consensus Reconsidered

The Washington Consensus Reconsidered

Towards a New Global Governance

Joseph Stiglitz (Editor), Narcis Serra (Editor)

The Washington Consensus Reconsidered Image

This volume brings together many of the leading international figures in development studies, such as 2008 Nobel Prize in Economics winner Paul Krugman, Jose Antonio Ocampo, Dani Rodrik, Joseph Stiglitz, Daniel Cohen, Olivier Blanchard, Deepak Nayyer and John Williamson to reconsider and propose alternative development policies to the Washington Consensus.

View/Buy Book

Hardcover
ISBN13: 9780199534098
ISBN10: 0199534098

Available at Amazon

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 offer differing 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 global governance.

About the Editors

Joseph Stiglitz
Co-President
Initiative for Policy Dialogue (IPD)

Joseph E. Stiglitz is co-President of the Initiative for Policy Dialogue, and Chairman of the Committee on Global Thought at Columbia University. He is University Professor at Columbia, teaching in its Economics Department, its Business School, and its School of International and Public Affairs. He chaired the UN Commission of Experts on Reforms of the International Monetary and Financial System, created in the aftermath of the financial crisis by the President of the General Assembly. He is former Chief Economist and Senior Vice-President of the World Bank and Chairman of President Clinton’s Council of Economic Advisors. He was awarded the Nobel Memorial Prize in Economics in 2001.

Narcis Serra
President
CIDOB (Barcelona Centre for International Affairs)

Narcis Serra is the President of the CIDOB Foundation (Center for International Relations and Development Studies in Barcelona). 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.

About the Authors

Ricardo Hausmann
Director, Center for International Development
Kennedy School of Government, Harvard University

Paul Krugman
Professor of Economics and International Affairs
Woodrow Wilson School of Public and International Affairs at Princeton University

Jeffrey A. Frankel
James W. Harpel Professor of Capital Formation and Growth
Harvard University

Daniel Cohen
Assistant Professor of Accounting
NYU Leonard N. Stern School of Business

Deepak Nayyar
Vice Chancellor
University of Delhi

Deepak Nayyar is Professor of Economics at Jawaharlal Nehru University, New Delhi. He has taught at the University of Oxford, the University of Sussex, the Indian Institute of Management Calcutta (IIM-C), and the New School for Social Research, New York. He was Vice Chancellor of the University of Delhi from 2000 to 2005.

Guillermo Calvo
Professor of Economics
Columbia University School of International and Public Affairs

Martin Khor
Executive Director
South Centre

José Antonio Ocampo
Co-President
Initiative for Policy Dialogue (IPD)

Jose Antonio Ocampo is Co-President of IPD, Professor of Professional Practice in the School of International and Public Affairs, and Fellow of the Committee on Global Thought at Columbia University. Prior to his appointment at Columbia, Professor Ocampo served as the United Nations Under-Secretary-General for Economic and Social Affairs, and head of UN Department of Economic and Social Affairs (DESA), as Executive Secretary of the UN Economic Commission for Latin America and the Caribbean (ECLAC), and has held a number of high-level posts in the Government of Colombia, including Minister of Finance and Public Credit, Director of the National Planning Department, and Minister of Agriculture . Professor Ocampo is author or editor of over 30 books and has published over 200 scholarly articles on macroeconomic theory and policy, international financial issues, economic development, international trade, and Colombian and Latin American economic history.

Dani Rodrik
Rafiq Hariri Professor of International Political Economy
John F. Kennedy School of Government
Harvard University

Narcis Serra
President
CIDOB (Barcelona Centre for International Affairs)

Narcis Serra is the President of the CIDOB Foundation (Center for International Relations and Development Studies in Barcelona). 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.

Shari Spiegel
Senior Economic Affairs Officer
UN DESA

Shari Spiegel joined UN DESA as a Senior Economic Affairs Officer in May 2010. She is co-author and co-editor of several of books and articles on capital and financial markets, debt and macroeconomics. She served as Executive Director of the Initiative for Policy Dialogue (IPD). She has extensive experience at the private sector, most recently as a Principal at New Holland Capital and as head of fixed-income emerging markets at Lazard Asset Management. She also served as an advisor to the Hungarian Central Bank in the early 1990s.

Joseph Stiglitz
Co-President
Initiative for Policy Dialogue (IPD)

Joseph E. Stiglitz is co-President of the Initiative for Policy Dialogue, and Chairman of the Committee on Global Thought at Columbia University. He is University Professor at Columbia, teaching in its Economics Department, its Business School, and its School of International and Public Affairs. He chaired the UN Commission of Experts on Reforms of the International Monetary and Financial System, created in the aftermath of the financial crisis by the President of the General Assembly. He is former Chief Economist and Senior Vice-President of the World Bank and Chairman of President Clinton’s Council of Economic Advisors. He was awarded the Nobel Memorial Prize in Economics in 2001.

Ernesto Talvi
Director
Center for the Study of Economic and Social affairs

Andres Velasco
Professor of International Finance and Development
JFK School of Government
Harvard University

John Williamson
Senior Fellow
Peter G. Peterson Institute for International Economics

John Williamson is a Visiting Fellow at the Center for Global Development and also a Senior Fellow at the Peter G. Peterson Institute for International Economics. He was Project Director for the UN High-Level Panel on Financing for Development (the Zedillo Report) in 2001; on leave as Chief Economist for South Asia at the World Bank during 1996–99; economics professor at Pontifica Universidade Católica do Rio de Janeiro (1978–81), University of Warwick (1970–77), Massachusetts Institute of Technology (1967, 1980), University of York (1963–68), and Princeton University (1962–63); adviser to the International Monetary Fund (1972–74); and economic consultant to the UK Treasury (1968–70). He is author, coauthor, editor, or coeditor of numerous studies on international monetary and development issues.

Olivier Blanchard
Professor of Economics
MIT

Alice Amsden
Professor
Massachusetts Institute of Technology

1

Introduction: From the Washington Consensus Towards a New Global Governance

3

2

A Short History of the Washington Consensus

14

3

IInequality and Redistribution

31

4

Is there a Post-Washington Consensus?

41

5

The Barcelona Development Agenda

57

6

A Broad View of Macroeconomic Stability

63

7

The Wild Ones: Industrial Policies in the Developing World

95

8

Sudden Stop, Financial Factors, and Economic Collapse in Latin America: Learning from Argentina and Chile

119

9

Towards a New Modus Operandi of the International Financial System

150

10

The World Trading System and Implications of External Opening

180

11

The World Trading System and Development Concerns

215

12

Reforming Labor Market Institutions: Unemployment Insurance and Employment Protection

260

13

International Migrations and Economic Development

277

14

The Future of Global Governance

309

15

Growth Diagnostics

324

16

A Practical Approach to Formulating Growth Strategies

356

Publication Information

Type Book
Program Governance of Globalization
Posted 05/01/08
Download Not Available
# Pages 384
Publisher Oxford University Press
Year 2008