A Keynesian alternative to the Washington consensus policies for international development Online publication date: Wed, 29-Oct-2014
by John Marangos
International Journal of Trade and Global Markets (IJTGM), Vol. 7, No. 1, 2014
Abstract: The Washington consensus was identified as a neoliberal manifesto and received a vast amount of criticism. In response, lately, John Williamson has offered a new set of policies in the 'After the Washington Consensus'. The aim of this paper is to determine whether there has been any substantial change in the recommended policies, and to offer a Keynesian proposal. Due to space limitations, the Keynesian perspective developed concentrates on: the state interventionist policies used by the industrialised countries; the excessive priority given to price stability instead of full employment; recycling the country's savings back into the domestic economy in coordination with industrial policy and domestic financial regulation; supporting interest rate policies that aim at a stable and permanently low level of interest rates and to direct credit to specific parts of the economy; regulation of foreign banks and reinforcement of fair competition; and the role of globalisation in development and capital controls.
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