Economic crisis and Washington consensus

ECONOMIC CRISIS AND WASHINGTON CONSENSUS
Dr. habil. Árva László, főiskolai tanár - Szolnoki Főiskola

SUMMARY
Though Washington Consensus has been formulated in order to help economic development in Latin America and in other developing countries, this paradigm became universally accepted and was regarded as a starting point of any meaningful effort of economic modernization. Undoubtedly Washington Consensus played an important role in engineering the transition process in the Eastern European socialist countries after 1990, and during each smaller or greater economic crisis in the developing countries during the last decades principles of Washington Consensus were suggested by IMF in order to overcome difficulties.

The New Great Economic Crisis of 2008-2010 has radically changed the point of view of many economists and not only traditional mainstream economic theories were questioned but ore and more articles were published on the possible "dead of the Washington Consensus".
After 20 years of existence lot of experiences were accumulated in the World and these experiences could help to judge Washington Consensus as well. Especially interesting to ompare experiences and economic achievements of countries which strictly applied Washington Consensus to those countries which more or less rejected this approach. In our article we try to summarize these experiences, naturally focusing on the Eastern European countries.
Key words: Washington Consensus, economic development, development strategies, transition, privatisation, deregulation, liberalisation, industrialisation, protectionism

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