2007
DOI: 10.1590/s0101-31572007000400002
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The false promises of the (second) Washington consensus: evidence from Latin America and the Caribbean (1990-2003)

Abstract: The objective of this paper is twofold. Firstly, we show how, and to what extent, Latin American and Caribbean countries applied the precepts of the second Washington consensus, i.e. a consensus which stresses the capital account liberalization. Secondly, we highlight the effects of this set of reforms on their economies. Thus, we show that countries having most scrupulously followed these recommendations did not experience better economic results. On the contrary, their situation as regards inequality and deb… Show more

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Cited by 9 publications
(3 citation statements)
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“…Despite chronic political conflicts, liberalization policies have been consistently pursued. Since 1982, most of the Latin American countries applied structural adjustment policies, based on the guidelines of the “Washington Consensus”, including the control of public spending and fiscal deficits [ 49 ]. Frustration over inequality has resulted in massive mobilizations in the Latin American region in 2019.…”
Section: Discussionmentioning
confidence: 99%
“…Despite chronic political conflicts, liberalization policies have been consistently pursued. Since 1982, most of the Latin American countries applied structural adjustment policies, based on the guidelines of the “Washington Consensus”, including the control of public spending and fiscal deficits [ 49 ]. Frustration over inequality has resulted in massive mobilizations in the Latin American region in 2019.…”
Section: Discussionmentioning
confidence: 99%
“…As growth and prosperity failed to materialize through the 1980s, Washington policy elites supplemented the original policy list with a recommendation for financial opening to attract foreign savings to spur economic growth (Berr, 2007). The results, however, were disappointing.…”
Section: The Evolution Of Washington Consensus Policies In Washingtonmentioning
confidence: 99%
“…Despite chronic political conflicts, liberalization policies have been consistently pursued. Since 1982, most of the Latin American countries applied structural adjustment policies, based on the guidelines of the "Washington Consensus", including the control of public spending and fiscal deficits (93).…”
Section: Socioeconomic and Geographic Inequalities In Coverage Over Timementioning
confidence: 99%