Attacking Poverty and the ‘post-Washington consensus’

7
Journal of International Development J. Int. Dev. 13, 307±313 2001) DOI: 10.1002/jid.785 ATTACKING POVERTY AND THE `POST-WASHINGTON CONSENSUS' PAUL MOSLEY* University of Shef®eld, UK Abstract: Has the increasingly pro-poor stance of the World Bank, as manifested in particular in its most recent World Development Report WDR), caused it to abandon its traditionally free-market attitudes ? The answer is `yes and no'. The pursuit of `security' espoused by the WDR has forced the Bank to acknowledge widespread market failure in the provision of security, both social and ®nancial; and this has caused the Bank to espouse some measures very inconsistent with the Washington consensus, such as international capital controls. On the other hand, the old agenda of rolling back the frontiers of the state remains, and is given a new twist in WDR 2000 by the revelation that the `voices of the poor' are arrayed against bureaucratic abuses. Debate within the Bank has become much more open and transparent, and this has exposed long-persisting internal differences about what markets still need to be liberalized in what environments. Copyright # 2001 John Wiley & Sons, Ltd. [It is not the case] that the developing world as a whole enjoyed rapid growth as a result of reforms in the 1980s and 1990s. Indeed, growth in the developing world has been disappointing, with the typical country registering negative growth. [However], this disappointing growth should not be ascribed to the failure of reforms. [In addi- tion] the macroeconomic evidence suggests a pattern in which all income groups bene®t equally from reforms. Even among the countries of the former socialist bloc, where reforms have gone awry, inequality increased least in countries that success- fully increased reforms. It increased most in countries which introduced reforms only partially or not at all. On the whole the costs of reform) do not negate the ben- e®ts of the reforms discussed above. But they do point to the importance of social policies to ease the burdens which reforms impose. World Bank, 2000b, p. 66). Of all the reforms implemented, ®nancial liberalisation stands out for having caused serious disruptions in economic performance. The combination of open capital accounts, weak regulation of the ®nancial sector, and the volatility of short-term capital ¯ows lie behind the major macroeconomic crises in the 1990s ... During the height of the `reform rush' the prevailing view was that reforms should be Copyright # 2001 John Wiley & Sons, Ltd. Correspondence to: Paul Mosley, Department of Economics, University of Shef®eld, 9 Mappin Street, Shef®eld S1 4DT, UK

Transcript of Attacking Poverty and the ‘post-Washington consensus’

Page 1: Attacking Poverty and the ‘post-Washington consensus’

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Page 5: Attacking Poverty and the ‘post-Washington consensus’

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Page 6: Attacking Poverty and the ‘post-Washington consensus’

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Page 7: Attacking Poverty and the ‘post-Washington consensus’

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