Guven, Ali Burak (2024) What has replaced the Washington Consensus? Tracing policy change in the IMF. In: Hibben, M. and Momani, B. (eds.) The Oxford Handbook of the International Monetary Fund. Oxford, UK: Oxford University Press, pp. 239-259. ISBN 9780192858405.
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Abstract
This chapter examines the trajectory of the IMF’s policy outlook in the past half century. It finds that evolving member preferences and organizational dynamics, in a context of ever-changing external institutional and normative conditions, have continually interacted to produce substantive shifts in the Fund’s prescriptive gaze during this period. Advocating a rigid neoliberal approach labeled the Washington Consensus in the 1980s and the1990s, the Fund around the turn of the century embraced a paradigm broadening towards a more social and regulatory neoliberalism, often called the post-Washington Consensus. The organization’s policy vision shifted once again after the global financial crisis of 2007-08, this time exhibiting an increasingly pragmatic and flexible stance that nonetheless still rests on a broadly neoliberal orientation.
Metadata
| Item Type: | Book Section |
|---|---|
| Keyword(s) / Subject(s): | IMF, Washington Consensus, post-Washington Consensus, neoliberalism, policy paradigms, policy change |
| School: | Birkbeck Faculties and Schools > Faculty of Humanities and Social Sciences > School of Social Sciences |
| Research Centres and Institutes: | Political Economy and Institutional Studies, Birkbeck Centre for |
| Depositing User: | Ali Burak Guven |
| Date Deposited: | 06 Mar 2025 13:39 |
| Last Modified: | 30 Aug 2025 12:03 |
| URI: | https://eprints.bbk.ac.uk/id/eprint/53229 |
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