The Washington Consensus

by Imad A Moosa (Author)
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The objective of the book is to evaluate critically the ten principles of the Washington Consensus, which govern the conditionality provisions of the IMF and World Bank, and guide the so-called economic reform in developing countries. The book starts with an overview of the Consensus, followed by a chapter on IMF conditionality and how they are related. Since the Consensus is inherently neoliberal, a chapter is devoted to a critique of the free market doctrine and the concept of economic freedom as seen by free marketeers. The ten principles of the Washington Consensus (referred to as the 'ten commandments') are divided into four groups: fiscal reform, interest and exchange rate policies, liberalization of trade and foreign direct investment, and privatization and deregulation (including property rights).The book is written in the normative tradition of what ought to be, as opposed to the positive tradition of what is. While it may be tempting to describe the work as 'polemic', the underlying issues contain such a significant moral component that pretending to be neutral would be a betrayal of justice and morality. In essence, the arguments put forward in the book are intended to dismantle, discredit and debunk a set of principles that are effectively used to loot developing countries.Contents:

  • The Washington Consensus: An Overview
  • The Washington Consensus and IMF Conditionality
  • The Free Market Doctrine and Economic Freedom
  • The First Commandment: Fiscal Discipline
  • The Second Commandment: Redirection of Public Spending
  • The Third Commandment: Tax Reform
  • The Fourth Commandment: Interest Rate Policy
  • The Fifth Commandment: Exchange Rate Policy
  • The Sixth Commandment: Liberalization of Trade
  • The Seventh Commandment: Liberalization of Foreign Direct Investment
  • The Eighth Commandment: Privatization
  • The Ninth Commandment: Deregulation
  • The Tenth Commandment: Property Rights
  • Epilogue

Readership: For people specializing in economics, finance and international relations. Would also be useful for academic research, policy making and general readership.Washington Consensus;Globalization;Free Market Doctrine;Economic Freedom;Fiscal Discipline;Fiscal Reform;Tax ;Reform;Interest Rate Policy;Exchange Rate Policy;Free Trade;Foreign Direct Investment;Privatization;Deregulation;Property Rights0Key Features:
  • It is the most detailed and up-to-date treatment of the underlying topics. Covid-related themes appear frequently
  • For example, the issue of free-market pricing versus fair pricing is discussed with reference to the pricing of a Covid-19 vaccine
  • It is also argued that the very prevalence of the Washington Consensus is threatened by the pandemic as international relations will not be the same in a post-Covid world

Publication date
July 02, 2021
Page count
File size
4 MB