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Introduction
The broad intentions of Post Washington Consensus (PWC) were in terms of introducing a new world economic order, based upon the principles of neo-liberalism, a progressive oriented theory, seeking to “promote the kind of society & opportunities needed” for economic order in the countries where it was being initiated.
Critical analysis of PWC
But PWC had certain detractors and vociferous critics, especially in the Communist Bloc countries. Their critics viewed this as just another strategy for opening up the floodgates for dispatching poorer and underdeveloped countries into the clutches of capitalistic or bourgeois classes, who were keen on amassing wealth at any cost. Again, many felt that although interest and tariff rates could be subject to global movements, labor markets could not be moved globally since it was subject to robust visa regulations.
Their detractors also claimed that on the wage front, especially in the Third World countries, any increase in labor wages could be offset by inflation, and thus the workmen could not be benefited in real terms by wage hikes.
Unanswered questions
The emergence of the post-Washington Consensus raised several pertinent questions. For one, it would be now possible to achieve a reduction in poverty levels without instituting changes in the very fabric of assets or wealth distribution? Or, whether major challenges in terms of unemployment, health care, and other inequalities could be now effectively addressed?
Many others were also of the opinion that this theory could be more effective during business growth economic cycles and not during the time of economic depressions.
Conclusion
However, it is felt that in the present global economic context, neo-liberalism maybe just a current synonym for globalization, deregulated markets, and peak economic activities.
References
Jon D. Erickson: Earth Economic Brief on genuine development. (Attachment provided by customer).
ERC Working Paper in Economics: 2003. Rethinking the emerging Post Washington Consensus (PWC) : A critical appraisal. Web.
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