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Oxford University Press is a department of the University of Oxford. It furthers the University's objective of excellence in research, scholarship, and education by publishing worldwide.

Print Price: $52.50

384 pp.
156 mm x 234 mm


Publication date:
June 2008

Imprint: OUP UK

The Washington Consensus Reconsidered

Towards a New Global Governance

Narcís Serra and Joseph E. Stiglitz

Series : Initiative for Policy Dialogue

This volume brings together many of the leading international figures in development studies, such as Jose Antonio Ocampo, Paul Krugman, Dani Rodrik, Joseph Stiglitz, Daniel Cohen, Olivier Blanchard, Deepak Nayyer and John Williamson to reconsider and propose alternative development policies to the Washington Consensus. Covering a wide range of issues from macro-stabilization to trade and the future of global governance, this important volume makes a real contribution to this important and ongoing debate.

The volume begins by introducing the Washington Consensus, discussing how it was originally formulated, what it left out, and how it was later interpreted, and sets the stage for a formulation of a new development framework in the post-Washington Consensus era. It then goes on to analyze and offer differing perspectives and potential solutions to a number of key development issues, some which were addressed by the Washington Consensus and others which were not. The volume concludes by looking toward formulating new policy frameworks and offers possible reforms to the current system of global governance.

Readership : Academics and students interested in economics, development and globalization. Policymakers, NGOs and organizations working in the field of International Development.

Part I: The Washington Consensus: From Its Origins to Its Critics
1. Introduction
2. John Williamson: A Short History of the Washington Consensus
3. Paul Krugman: The Washington Consensus and Inequality and Redistribution
4. Joseph E. Stiglitz: Is there a Post-Washington Consensus?
5. The Barcelona Development Agenda
Part II Analyses of Central Issues in Development
6. José Antonio Ocampo: A Broad View of Macroeconomic Stability
7. Alice Amsden: The Wild Ones: Industrial Policies in the Developing World
8. Guillermo Calvo and Ernesto Talvi: Sudden Stop, Financial Factors, and Economic Collapse: A View from the Latin American Frontlines
9. Daniel Cohen: Towards a New Modus Operandi of the International Financial System
10. Jeffrey Frankel: The World Trading System and Implications of External Opening
11. Martin Khor: The World Trading The World Trading System and Development Concerns
12. Olivier Blanchard: Reforming Labor Market Institutions: Unemployment Insurance and Employment Protection
13. Deepak Nayyar: Migrations and Development
Part III Towards a New Global Governance
14. Joseph E. Stiglitz: The Future of Global Governance
15. Dani Rodrik, Andrés Velasco, and Ricardo Hausmann: Growth Diagnostics
16. Dani Rodrik: A Practical Approach to Formulating Growth Strategies

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Narcís Serra is the President of the CIDOB Foundation. During this time, he has been the driving force behind the creation of the Barcelona Institute for International Studies (IBEI), which was founded with the desire to make Barcelona a centre of reference in the study of this discipline. Currently, he is the President of Caixa Catalunya and Chairman of the Board of the National Museum of Art of Catalonia (MNAC).

He has previously served as Mayor of Barcelona, was Spanish Minister of Defence in the Government of Felipe González, and in 1991, he was named Vice President of the Spanish Government. From 1986 until 2004, Narcís Serra was a Deputy for Barcelona in the Spanish Congress. Joseph E. Stiglitz was awarded the Nobel Prize in economics in 2001 and is University Professor at Columbia University where he founded the Initiative for Policy Dialogue in 2000. He was Chair of President Bill Clinton's Council of Economic Advisors from 1995-97 and Chief Economist and Senior Vice-President of the World Bank from 1997-2000.His best known recent publications include 'Making Globalization Work' (2006), 'Fair Trade for All' (2005), 'Globalization and its Discontents' (2002) and 'The Roaring Nineties' (2003).

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Special Features

  • Offers a unique mix of perspectives on this important debate on development, globalization, and global governance
  • Provides a useful analysis of the Washington Consensus policy framework, asking what it achieved and where we go from here
  • Written by top names in field of development and globalization