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    Whither the Post-Washington Consensus? International financial institutions and development policy before and after the crisis

    Guven, Ali Burak (2018) Whither the Post-Washington Consensus? International financial institutions and development policy before and after the crisis. Review of International Political Economy 25 (3), pp. 392-417. ISSN 0969-2290.

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    Abstract

    This article explores the direction, drivers and implications of change in the IMF and the World Bank’s policy vision for developing countries before and after the global crisis. By examining the evolution of the Fund’s structural conditionalities and the thematic distribution of Bank commitments, it provides evidence for a significant change on the ground: a partial retreat from the post-Washington Consensus (PWC) agenda, which marked a turn-of-the-century upgrade of orthodox neoliberalism. Conceptualising the PWC as a paradigm expansion that followed severe policy failures, the analysis finds that although narrow institutional reforms towards upgrading fiscal and financial regimes remain popular, the good governance and broad institutions dimension of the agenda has recorded a notable decline since the crisis; meanwhile in social policy the twins increasingly diverge. It is argued that this selective disengagement is driven by extant operational imperatives and constraints, which are further intensified by changes in lending framework and the ongoing transformations in development finance. Rather than constitute a shift in policy paradigm, the partial decline of the PWC reflects an adjustment in policy practice towards greater flexibility and discretion in the challenging environment facing the twins. These findings have implications for the study of the Fund and Bank; they also highlight the evolving parameters of North-South development cooperation.

    Metadata

    Item Type: Article
    Additional Information: This is an Accepted Manuscript of an article published by Taylor & Francis, available online at the link above.
    Keyword(s) / Subject(s): Development policy, IMF, World Bank, post-Washington Consensus, development cooperation, good governance, institutional reform, social policy
    School: School of Social Sciences, History and Philosophy > Politics
    Depositing User: Ali Burak Guven
    Date Deposited: 19 Mar 2018 12:58
    Last Modified: 11 Feb 2021 03:19
    URI: https://eprints.bbk.ac.uk/id/eprint/21723

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