Washington Consensus in Latin America

From Raw Model to Straw Man

Bibliographic Data

ID4901977
AuthorsIlan Goldfajn (Ilan Goldfajn is Founder and Director of Center for Public Policy Debates and Chairman of Credit Suisse, Sao Paulo, Brazil.), Lorenza Martínez (Lorenza Martínez is Executive Director of Actinver, Mexico City, Mexico.), Lorenza Martı́nez (Martinez VA Medical Center), Rodrigo O Valdés (Rodrigo Valdés is Associate Professor, School of Government, Pontificia Universidad Católica de Chile, Santiago, Chile.), Rodrigo Valdés (0000-0001-6793-7162, Pontificia Universidad Católica de Chile)
Year2021
Volume35
Issue3
Pages109-132
Publication date2021-08-01
Open AccessYes
TypeARTICLE
VenueThe Journal of Economic Perspectives (JOURNAL)
Journal identifiersISSN: 0895-3309 • E-ISSN: 1944-7965
PublisherAmerican Economic Association (PUBLISHER • US)
DOI10.1257/jep.35.3.109
OpenAlexW3189648076
LanguageEN
Citations received6
References cited8

We take stock of three decades of a love-hate relationship between Latin American policies and the Washington Consensus, reviewing its implementation, national debate, and outcomes. Using regional data and case studies of Brazil, Chile, and Mexico, we discuss the various degrees of the Washington Consensus implementation and evaluate performance. We find mixed results: macroeconomic stability is much improved, but economic growth has been heterogeneous and generally disappointing, despite improvement relative to the 1980s. We discuss the risk that the region could revert parts of the Washington Consensus reforms, which are necessary building blocks for a new agenda more focused on social integration, a fairer and just society, and environmentally sustainable growth based on better education

Development economics · Economics · Latin Americans · Political science · Sustainable Growth Rate · Washington Consensus · Economic Theory and Policy · Income, Poverty, and Inequality · International Development and Aid · Law · Public Administration · Finance

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