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Type: Journal article
Title: Economic orthodoxy and the East Asian crisis
Author: Rosser, A.
Jayasuriya, K.
Citation: Third World Quarterly, 2001; 22(3):381-396
Publisher: Carfax Publishing
Issue Date: 2001
ISSN: 0143-6597
Abstract: It is increasingly apparent that the Asian economic crisis has also led to a serious ideological crisis in the West. Before the collapse there was broad agreement among Western orthodox economists that developing countries should pursue a set of economic policies, often referred to as the ‘Washington consensus’, which included financial sector liberalisation, privatisation of stateowned enterprises, fiscal discipline and trade, exchange rate and foreign investment deregulation. Since the collapse, however, this consensus has broken down. This paper examines the emergence of the new so-called post-Washington consensus, with its emphasis on governance and social capital. The lexicon of the new policy paradigm underlying this new consensus includes civil society, safety nets, and, especially, governance, to be added to the conventional Washington terminology of open markets, deregulation, liberalisation and structural adjustment. Our central thesis is that this new post-Washington consensus is an attempt to place more emphasis on the political and institutional foundations for programmes of structural reform. However, it is also a kind of politics of antipolitics that attempts to insulate economic institutions from the process of political bargaining.
Description: © 2001 Third World Quarterly
DOI: 10.1080/01436590120061660
Appears in Collections:Anthropology & Development Studies publications
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