[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/p/uto/cesmep/200708.html
   My bibliography  Save this paper

Consensus vs. freedom of consensus upon freedom? From Washington disorder to the rediscovery of Keynes

Author

Listed:
  • Cedrini Mario
Abstract
The paper retraces the history of the debate on the Washington Consensus according to the four-stage partition Consensus, Confusion, Contention, Conclusion, with particular attention to the criticisms evoked by the use of it as a tool for the “integrationist agenda” of the Nineties. We argue that the excessive shrinking in policy space available to developing countries is among the key factors explaining why the saga has rapidly come to a Conclusion, leaving room to the rediscovery of the “embedded liberalism” of Bretton Woods. It is our aim to show, however, that Keynes’s plan for a new international order inspired by a consensus on freedom rather than discipline, is still the most relevant model for a new system of national capitalisms enhancing member countries’ freedom to choose.

Suggested Citation

  • Cedrini Mario, 2007. "Consensus vs. freedom of consensus upon freedom? From Washington disorder to the rediscovery of Keynes," CESMEP Working Papers 200708, University of Turin.
    • Handle: RePEc:uto:cesmep:200708
    as

    Download full text from publisher

    File URL: http://www.cesmep.unito.it/WP/2007/8_WP_Cesmep.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Michael P. Dooley & David Folkerts-Landau & Peter M. Garber, 2005. "An essay on the revived Bretton Woods system," Proceedings, Federal Reserve Bank of San Francisco, issue Feb.
    2. Ha-Joon Chang & Ilene Grabel, 2004. "Reclaiming development from the Washington consensus," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 27(2), pages 273-291.
    3. Mario Sarcinelli, 2004. "The new financial architecture: from substantive to procedural rules," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 57(231), pages 337-363.
    4. Ruggie, John Gerard, 1982. "International regimes, transactions, and change: embedded liberalism in the postwar economic order," International Organization, Cambridge University Press, vol. 36(2), pages 379-415, April.
    5. Hirschman,Albert O., 1981. "Essays in Trespassing," Cambridge Books, Cambridge University Press, number 9780521282437.
    6. José Antonio Ocampo, 2004. "Beyond the Washington consensus: what do we mean?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 27(2), pages 293-314.
    7. Joseph E. Stiglitz, 1999. "More instruments and broader goals: moving toward the Post-Washington Consensus," Brazilian Journal of Political Economy, Center of Political Economy, vol. 19(1), pages 101-128.
    8. Jane D'Arista, 2002. "Moving Beyond the Washington Consensus," International Journal of Political Economy, Taylor & Francis Journals, vol. 32(4), pages 22-34.
    9. Paul Davidson, 1993. "Reforming the World's Money," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 15(2), pages 153-179, January.
    10. Mr. Ayhan Kose & Mr. Kenneth Rogoff & Mr. Eswar S Prasad & Shang-Jin Wei, 2003. "Effects of Financial Globalization on Developing Countries: Some Empirical Evidence," IMF Occasional Papers 2003/007, International Monetary Fund.
    11. Jakob Vestergaard, 2004. "The Asian crisis and the shaping of 'proper' economies," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 28(6), pages 809-827, November.
    12. Mr. James M. Boughton, 2004. "The IMF and the force of History: Ten Events and Ten Ideas that Have Shaped the Institution," IMF Working Papers 2004/075, International Monetary Fund.
    13. Gore, Charles, 2000. "The Rise and Fall of the Washington Consensus as a Paradigm for Developing Countries," World Development, Elsevier, vol. 28(5), pages 789-804, May.
    14. Feldstein, Martin, 1999. "A Self-Help Guide for Emerging Markets," Scholarly Articles 2961700, Harvard University Department of Economics.
    15. Claude Gnos & Louis-Philippe Rochon, 2004. "Reforming the international financial and monetary system: from Keynes to Davidson and Stiglitz," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 26(4), pages 613-629.
    16. Williamson, John, 1985. "On the System in Bretton Woods," American Economic Review, American Economic Association, vol. 75(2), pages 74-79, May.
    17. Mario Sarcinelli, 2004. "The new financial architecture: from substantive to procedural rules," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 57(231), pages 337-363.
    18. Kuczynski, Pedro-Pablo & John Williamson (ed.), 2003. "After the Washington Consensus: Restarting Growth and Reform in Latin America," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 350, April.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Dimitri UZUNIDIS, 2011. "Principles Of The New Mercantilism And The Crisis Of Global Economy," Working Papers 236, Laboratoire de Recherche sur l'Industrie et l'Innovation. ULCO / Research Unit on Industry and Innovation.
    2. Carabelli, Anna & Cedrini, Mario, 2013. "Globalization and Keynes's Ideal of a 'Sounder Political Economy between All Nations," CESMEP Working Papers 201305, University of Turin.
    3. Anna Carabelli & Mario Cedrini, 2010. "Keynes and the Complexity of International Economic Relations in the Aftermath of World War I," Journal of Economic Issues, Taylor & Francis Journals, vol. 44(4), pages 1009-1028.
    4. Jörg Bibow, 2010. "Global imbalances, the US dollar, and how the crisis at the core of global finance spread to "self-insuring" emerging market economies," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 7(2), pages 325-359.
    5. Dimitri Uzunidis & Blandine Laperche, 2011. "The New Mercantilism and the Crisis of the Global Knowledge Economy," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 2(3), pages 373-392, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Carabelli, Anna & Cedrini, Mario, 2013. "Globalization and Keynes's Ideal of a 'Sounder Political Economy between All Nations," CESMEP Working Papers 201305, University of Turin.
    2. François Combarnous & Eric Berr & Eric Rougier, 2005. "Too much consensus could be harmful : measuring the degree of implementation of the Washington consensus and its impact on economic growth," Post-Print hal-00152995, HAL.
    3. Alfaro, Laura & Kanczuk, Fabio, 2009. "Optimal reserve management and sovereign debt," Journal of International Economics, Elsevier, vol. 77(1), pages 23-36, February.
    4. Javier Bianchi & Juan Carlos Hatchondo & Leonardo Martinez, 2018. "International Reserves and Rollover Risk," American Economic Review, American Economic Association, vol. 108(9), pages 2629-2670, September.
    5. Michal Lyons & Colman Titus Msoka, 2010. "The World Bank and the Street: (How) Do ‘Doing Business’ Reforms Affect Tanzania’s Micro-traders?," Urban Studies, Urban Studies Journal Limited, vol. 47(5), pages 1079-1097, May.
    6. Nelson Lajuni & Ooi Ai Yee & Mohd Fahmi Ghazali, 2008. "Capital Controls: Impact On Foreign Direct Investment And Portfolio Investment In Malaysia 1991-2004," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 2(1), pages 17-24.
    7. L. Alan Winters & Shahid Yusuf, 2007. "Dancing with the Giants: China, India, and the Global Economy," World Bank Publications - Books, The World Bank Group, number 6632.
    8. Adalbert Winkler, 2012. "The Financial Crisis: A Wake-up Call for Strengthening Regional Monitoring of Financial Markets and Regional Coordination of Financial Sector Policies?," Chapters, in: Masahiro Kawai & David G. Mayes & Peter Morgan (ed.), Implications of the Global Financial Crisis for Financial Reform and Regulation in Asia, chapter 7, Edward Elgar Publishing.
    9. Olivier Delahaye, 2003. "Réforme agraire et marché foncier : la réflexion aux États-Unis et son impact dans les institutions multilatérales de développement," Revue Tiers Monde, Programme National Persée, vol. 44(174), pages 449-466.
    10. Nicholas A. Phelps & Miguel Atienza & Martin Arias, 2015. "Encore for the Enclave: The Changing Nature of the Industry Enclave with Illustrations from the Mining Industry in Chile," Economic Geography, Taylor & Francis Journals, vol. 91(2), pages 119-146, April.
    11. Dario DEBOWICZ, 2010. "Real Financial Models in Argentina," EcoMod2010 259600044, EcoMod.
    12. Cartapanis A. & Herland M., 2001. "Systemic Risk and New International Financial Architecture: Reconciling KEYNES and Neo-Liberalism?," European Research Studies Journal, European Research Studies Journal, vol. 0(1-2), pages 5-26, January -.
    13. Paul Mosley, 2001. "Attacking Poverty and the 'post-Washington consensus'," Journal of International Development, John Wiley & Sons, Ltd., vol. 13(3), pages 307-313.
    14. Philip R. Lane & Sergio L. Schmukler, 2006. "The international financial integration of China and India," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.
    15. Pablo García & Claudio Soto, 2006. "Large Hoardings of International Reserves: Are They Worth It?," Central Banking, Analysis, and Economic Policies Book Series, in: Ricardo Caballero & César Calderón & Luis Felipe Céspedes & Norman Loayza (Series Editor) & Klaus Sc (ed.),External Vulnerability and Preventive Policies, edition 1, volume 10, chapter 6, pages 171-206, Central Bank of Chile.
    16. Andrew Sumner, 2006. "Why Are We Still Arguing about Globalisation," Working Papers id:538, eSocialSciences.
    17. Moon, Wanki & Pino, Gabriel, 2016. "Comparative Advantage or Competitive Advantage in Explaining Agricultural Trade?," 2016 Annual Meeting, February 6-9, 2016, San Antonio, Texas 230031, Southern Agricultural Economics Association.
    18. McCleery, Robert K. & De Paolis, Fernando, 2008. "The Washington Consensus: A post-mortem," Journal of Asian Economics, Elsevier, vol. 19(5-6), pages 438-446.
    19. Héctor Cuadra Montiel, 2007. "Incompleteness of Post-Washington Consensus," International Studies, , vol. 44(2), pages 103-122, April.
    20. Terheggen, Anne, 2010. "The new kid in the forest: the impact of China's resource demand on Gabon's tropical timber value chain," MPRA Paper 37982, University Library of Munich, Germany.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:uto:cesmep:200708. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Piero Cavaleri or Marina Grazioli (email available below). General contact details of provider: https://edirc.repec.org/data/cmtorit.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.