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Some Thoughts on the Washington Consensus and Subsequent Global Development Experience

[Symposium: Washington Consensus Revisited]

By Michael Spence

Journal of Economic Perspectives, Summer 2021

This paper discusses the Washington Consensus, its origins, and its insights in terms of subsequent development experience in a broad range of countries. I continue to find that when properly interpreted as a guide to the formulation of country-specific d...

The Baker Hypothesis: Stabilization, Structural Reforms, and Economic Growth

[Symposium: Washington Consensus Revisited]

By Anusha Chari, Peter Blair Henry, and Hector Reyes

Journal of Economic Perspectives, Summer 2021

In 1985, James A. Baker III's "Program for Sustained Growth" proposed a set of economic policy reforms including, inflation stabilization, trade liberalization, greater openness to foreign investment, and privatization, that he believed would lead to fa...