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Co-EvolutionWashingtonConsensus

Co-EvolutionWashingtonConsensus - The Co-Evolution of the...

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The Co-Evolution of the Washington Consensus and the Economic Development Discourse By Ravi Kanbur * www.people.cornell.edu/pages/sk145 Draft August 14, 2008 Contents 1. Introduction 2. Washington Consensus—Mutation of Meanings 3. The Economic Development Discourse since the Second World War 4. A New Consensus? 5. Conclusion References Abstract In this paper I give an account of development debates of the past two decades, focusing on the Washington Consensus and on the broader economic development discourse in historical context. Section 2 gives a basic account of the Washington consensus and how its meaning changed from the original formulation. Section 3 presents the evolution of the economic development discourse since the second- world-war, through the 1980s, up to the present. Section 4 asks if there is now a new consensus on economic development, in light of the recent report of the Commission on Growth and Development. Section 5 concludes. * Cornell University: T.H. Lee Professor of World Affairs, International Professor of Applied Economics and Management, and Professor of Economics. Paper prepared for the 2008 Macalester International Round Table, Macalester College, St. Paul, Minnesota, October 2-4, 2008. 1
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