Document Abstract
Published:
2001
The "Washington Consensus" and development economics
Reform of the IMF and World Bank will bring about space for a new development economics
This article focuses on the role that economist and policy analysts can play in shaping the parameters of the current debate in the direction development economics should take.
The article finds that:
- the creditors' cartel of the IMF and the World Bank, and the dominance of neoliberal policies and ideas are maintained today through a combination of secrecy, unaccountability, and a lack of public debate and understanding
- in the last few years these institutions and policies have faced growing scrutiny and political opposition
- a concerted effort to bring about certain strategic reforms at this time can help to create the necessary space for the practice, and spread, of a new development economics
